Indofood acquires more than 50% shares of China Minzhong

$1.12 per share offer turns unconditional.

According to a release, Indonesia's PT Indofood Sukses Makmur Tbk announced on 4 September 2013, that it now owns, controls or has agreed to acquire more than 50% of Singapore-listed China Minzhong Food Corporation Limited. 

Following the launch of a mandatory cash offer on 2 September 2013 for CMFC at a price of S$1.12 per share
that valued CMFC at approximately S$734 million, Indofood has acquired through direct market purchases, shares in CMFC, that has taken its stake in CMFC beyond 50%. As such, the Offer will be unconditional in all respects.

Prior to the announcement of the Offer, Indofood had owned, controlled or agreed to acquire approximately 33.49% of CMFC after having agreed to acquire, through married deals, 25.59 million shares in CMFC on 2 September 2013, which represented 3.9% of CMFC's total issued shares.

Indofood is confident that when completed, this offer will generate long-term financial and strategic value for both Indofood and China Minzhong, given the attractive growth potential of Indonesia and China.