Beijing-based Chinese fertilizer producer Yongye International, Inc. says an investor consortium consisting of its chairman and CEO Wu Zishen, Morgan Stanley Private Equity Asia (MSPEA) and Lead Rich International, has increased its bid price to take the company private, according to a regulatory filing of Yongye.
Now the consortium proposes to raise its offering price by 6.1% to US$7.10 from US$6.69 per share, valuing the company at approximately US$360 million.
The deal proposal is also revised to require the majority of voting shareholders to approval the deal, rather than requiring the majority of all shareholders to vote for the deal.
The consortium currently controls approximately 33.2% of Yongye.
The termination date for the deal is also extended to September 22 from June 23.
NASDAQ-listed Yongye is a fertilizer producer with production facilities located in Hohhot, Inner Mongolia, China.
The company generated a net income of US$180 million last year, up from US$99 million in 2012.