China Modern Dairy's Shengmu Takeover Offer Becomes Unconditional
China Modern Dairy (HKG:1117) said its mandatory cash offer for China Shengmu Organic Milk (HKG:1432) has become unconditional after receiving enough shareholder acceptances, according to a Monday Hong Kong bourse filing.The offer follows China Modern Dairy's acquisition of a 1.28% stake in Shengmu for HK$37.5 million and its launch of a mandatory cash offer at HK$0.35 per share for the remaining shares it did not already own.The company said the acquisition would expand its specialty milk portfolio, including organic milk, and strengthen its position in China's raw milk market.China Modern Dairy said it received valid acceptances for about 3.37 billion China Shengmu shares, representing 40.2% of Shengmu's issued share capital.Together with its existing holdings, the company and parties acting in concert will own about 5.99 billion shares.
