Akin Gump Advises Oppenheimer in Feihe International’s $147 Million Merger and Going-Private Transaction
A team of Akin Gump attorneys spearheaded by Hong Kong-based corporate partners Gregory Puff and Zach Wittenberg has been retained by Oppenheimer & Co. Inc., which is serving as financial advisor to the Special Committee of the Board of Directors of Feihe International.
Feihe is involved in a going-private merger transaction 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 Infant Formula Merger Sub Holding.
Pursuant to the merger agreement, Parent will acquire Feihe for $7.40 per share of the company's common stock without interest, implying an equity value of Feihe of approximately $147 million on a fully diluted basis.
Feihe International is one of the leading producers and distributors of premium infant formula, milk powder and soybean, rice and walnut products in China.
The transaction, which is currently expected to close in the second quarter of 2013, is subject to the approval at a meeting of the company's shareholders and will take Feihe International private.