Martin Lee @ Sg
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China Minzhong Refutation and Possible Takeover Offer

It looks like the plot has thickened for China Minzhong Food shareholders.

Yesterday evening, China Minzhong released a refutation of the allegations made by Glaucus Research. You can download their response below:

China Minzhong Response to Glaucus Research

China Minzhong Response to Glaucus Research (Annex A-D)

China Minzhong Response to Glaucus Research (Annex E-F)

China Minzhong Response to Glaucus Research (Annex G)

China Minzhong Response to Glaucus Research (Annex H-K)

While it might be difficult for an outsider to decide whether Glaucus is correct or wrong in their allegations, there might be a rainbow at the end of the tunnel for existing China Minzhong shareholders.

This morning, China Minzhong has asked for a trading halt for their shares pending a possible takeover offer from one of their largest shareholder, Indofood.

The letter from Indofood read as such:

  1. We wish to inform the company that PT Indofood Sukses Makmur Tbk (ISM) is considering the possibility of making an offer for the company. It is expected that the offer, if made, will be announced on 2 September 2013.
  2. Please note that this letter is not intended to constitute, and does not constitute an offer or evincing a firm intention to make an offer for the company or any of its shares.
  3. In light of the above, we would be grateful if the company could arrange for trading of its shares to be halted with effect from 830am on 2 September 2013 pending any offer announcement from ISM.

Shareholders of China Minzhong will have an anxious day waiting for the outcome of whether any takeover offer materializes and if so, at what price.

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