China Shengmu Shares Surge Over 6% as Modern Dairy's Takeover Bid Receives Regulatory Clearance

Stock News

May 08

China Shengmu (01432) rose more than 6% in Hong Kong trading. As of the time of writing, the stock was up 6.25% to HK$0.34, with a turnover of HK$9.808 million. The move follows an announcement on the evening of May 7 by Modern Dairy (01117) and China Shengmu that one of the preconditions for Modern Dairy’s proposed mandatory conditional cash offer for all shares of China Shengmu has been met. Yesterday, Modern Dairy obtained antitrust approval from the State Administration for Market Regulation for the share purchase agreement and the intended offer transaction. The share purchase agreement is expected to be completed on or before May 22. Last October 30, Modern Dairy announced it would spend HK$37.52 million to increase its stake in China Shengmu by 1.28%, while Mengniu Dairy transferred voting rights for its 24.9% stake in China Shengmu to Modern Dairy. Under the rules, Modern Dairy subsequently made a possible mandatory conditional cash offer for China Shengmu at HK$0.35 per share, representing a 14.75% premium to the previous day's closing price of HK$0.305.

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As of the time of writing, the stock was up 6.25% to HK$0.34, with a turnover of HK$9.808 million. The move follows an announcement on the evening of May 7 by Modern Dairy (01117) and China Shengmu that one of the preconditions for Modern Dairy’s proposed mandatory conditional cash offer for all shares of China Shengmu has been met. Yesterday, Modern Dairy obtained antitrust approval from the State Administration for Market Regulation for the share purchase agreement and the intended offer transaction. The share purchase agreement is expected to be completed on or before May 22. Last October 30, Modern Dairy announced it would spend HK$37.52 million to increase its stake in China Shengmu by 1.28%, while Mengniu Dairy transferred voting rights for its 24.9% stake in China Shengmu to Modern Dairy. 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