Indofood Offers S$488 Million for 66.51% Minzhong Shares

SINGAPORE (Yosefardi) – Indofood Sukses Makmur (INDF), controlled by Salim Group, has launched tender offer of around 66.51% shares of China Minzhong Food for about S$488 million.
Before the tender offer, Indofood owned 219.5 million shares or about 33.49% of the total issued shares of China Minzhong Food.
Indofood then offered S$1.12 per share for the remaining shares in Minzhong.
Indofood shares dropped as much as 10% in Jakarta following the announcement. Subsidiary Indofood CBP, meanwhile, dropped 4.5%.
On the other hand, China Minzhong Food Corporation Ltd’s share price skyrocketed 111.3% to S$1.12 Monday (Sept 2). At this price, Minzhong has market capitalization of S$734 million. More than 120 million shares were exchanged hands on Singapore Stock Exchange (SGX).