Transactions by CHINA MODERN DAIRY HOLDINGS (1117) in the last 6 months

China Mengniu Dairy Co. Ltd. (SEHK:2319) entered into a sale and purchase agreement to acquire an additional 26.92% stake in a China Modern Dairy Holdings Ltd. (SEHK:1117) from KKR Asian Fund I, L.P., a fund of Kohlberg Kravis Roberts & Co. (NYSE:KKR) and CDH China Growth Capital Fund III, L.P., a fund of CDH Investments for HKD 3.2 billion in cash on May 7, 2013. China Mengniu will acquire 984 million shares from Kohlberg Kravis and 312 million shares from CDH Investments ... for a price of approximately HKD 2.45 per share. The deal will be completed in two tranches. The consideration will be paid as HKD 999.6 million on May 9, 2013 that is the first completion date and consideration of HKD 2.16 billion on or before May 22, 2013 which is the second completion date. The consideration of HKD 2.16 billion is base consideration plus an interest on such base consideration calculated at the rate of 3% per annum accrued from day to day and on the basis of the actual number of days elapsed and a year of 365 days for the period from the first completion date up to but excluding the second completion date. The consideration will be funded by a term facility and internal resources of China Mengniu Dairy. Post transaction, China Mengniu will hold 1.3 billion shares representing 287.99% stake in Modern Dairy Holdings. The Directors of China Mengniu believe that the terms of the agreement are fair and reasonable and in the interests of the shareholders. As on May 9, 2013, Kohlberg Kravis Roberts & Co. partially completed the sale of 310 million shares and CDH Investments partially completed the sale of 98 million shares of China Modern Dairy Holdings. Kohlberg Kravis Roberts & Co., Investment Banking Arm acted as financial advisors to Kohlberg Kravis Roberts & Co. Morgan Stanley acted as financial advisor for Kohlberg Kravis Roberts and CDH Investments. Citigroup, Inc. acted as placement agent to Kohlberg Kravis Roberts & Co.
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