Yili cash of­fer for Shengmu Or­ganic Milk

China Daily (Canada) - - BUSINESS -

China Shengmu Or­gan­icMilk Ltd said onWed­nes­day that In­nerMon­go­lia Yili In­dus­trial Group Co Ltd would buy 37 per­cent of the firm for HK$5.29 bil­lion ($682 mil­lion) to help fund up­stream milk sup­ply sourc­ing and en­hance dairy prod­ucts man­u­fac­tur­ing on the main­land. Yili will make a cash of­fer for out­stand­ing shares it does not al­ready own at HK$2.25 per share, or a 7.4 per­cent dis­count to the pre­vi­ous close, valu­ing the dairy prod­ucts pro­ducer at HK$14.3 bil­lion, China Shengmu said in a stock ex­change fil­ing.

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