Lakeway, TX -- (SBWIRE) -- 03/05/2013 -- Bestdamnpennystocks, an investment community with a special focus on updating investors with recent news on the U.S. stock market, issues news alert on the following stocks:-
Shares of Feihe International Inc (NYSE:ADY) rose by 18 cents or 2.50% to $7.19 following the announcement made by the company of entering into an agreement and Plan of merger with Diamond Infant Formula Holding Limited, a Cayman Islands exempted company ("Holdco"), Platinum Infant Formula Holding Limited, a Cayman Islands exempted company and a wholly owned subsidiary of Holdco ("Parent"), and Infant Formula Merger Sub Holding Inc., a Utah corporation and a wholly owned subsidiary of Parent ("Merger Sub"), pursuant to which Parent will acquire the Company for US$7.40 per share of the Company's common stock without interest representing a 21.3% premium over the closing price of US$6.10 per share of Company common stock as on October 2, 2012.
How Should Investors Trade ADY After The Recent Movement? Find Out Here
The Merger Consideration implies an equity value of the Company of approximately US$147 million, on a fully diluted basis.
The merger is expected to get financed from Holdco and Parent through an equity commitment of US$28.1 million by Morgan Stanley Private Equity Asia III Holdings, an equity commitment of US$8.16 million by Mr. You-Bin Leng, and a US$50 million term loan facility from Wing Lung Bank Limited and Cathay United Bank.
The Merger, which is currently expected to close in the second quarter of 2013, is subject to the approval of the Merger Agreement and the Merger at the Company's shareholders' meeting by both holders of at least a majority of the outstanding shares of the Company's common stock and holders (other than the Rollover Holders) of at least a majority of the outstanding shares of the Company's common stock other than the Rollover Shares, as well as other customary conditions.
Subject to the completion of limited confirmatory due diligence and the execution of a definitive merger agreement, Outdoor Channel Holdings, Inc. (NASDAQ:OUTD) received an unsolicited, nonbinding, written proposal from Kroenke Sports & Entertainment, LLC to acquire all of its outstanding shares of common stock in an all-cash transaction at a price of $8.75 per share.
Is OUTD Strong Buy After The Recent Strong Gains? Get Free Trend Analysis Here
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