Chinese company planning Bellamy's Australia takeover
A Chinese company is making a $1.5 billion takeover bid for Tasmanian-based baby formula maker Bellamy's Australia Limited.
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China Mengniu Dairy Company Limited aims to acquire 100 per cent of Bellamy's shares via a scheme of arrangement.
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It intends shareholders to get $12.65 in cash per share plus a 60c special dividend.
Bellamy's directors have unanimously recommended shareholders vote in favour of the deal, in the absence of a superior proposal and pending an independent expert concluding the scheme is in shareholders' best interests.
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