Indofood offers $1.12 per share for China Minzhong
The largest shareholder of China Minzhong Food Corporation has tabled a general offer of $1.12 per share for the Singapore-listed China vegetable seller.
Indonesian food giant PT Indofood Sukses Makmur, controlled by the powerful Salim family, made the offer after buying 3.9 per cent of China Minzhong in so-called married trades. That took the firm's stake to 33.49 per cent.
With Indofood's stake now above 30 per cent, it must make a general offer for China Minzhong under Singapore's takeover code.
Over the past week, China Minzhong has been involved in a war of words with United States short-seller Glaucus Research Group. The firm's shares have been halted since around 11am on Aug 26, after Glaucus' allegations of fraud sent them lower by 48 per cent to 53 cents.