WongPartnership is advising Indonesia’s PT Indofood Sukses Makmur TBK on its proposed $383 million takeover of Chinese vegetable producer China Minzhong Food Corp. Ltd.
Indofood, a conglomerate of food businesses controlled by the billionaire Salim family, already owns 33.5 percent of China Minzhong and is offering $0.88 a share for the rest of the company. Shares in Singapore-listed China Minzhong have been hit hard in the last two weeks, following a report by U.S. short-seller Glaucus research alleging fabricated sales figures and other accounting irregularities.
China Minzhong has denied Glaucus’ charges.
Partners Mark Choy and Audrey Chng of WongPartnership are acting for Indofood.
Rajah & Tann partners Ng Sey Ming and Lee Weillin are advising China Minzhong. Stamford Law Corp. partner Bernard Lui is representing the China Minzhong independent directors in charge of evaluating Indofood’s offer.*
*Updated, 9/4/13: This article was updated to include the roles of Rajah & Tann partners Ng Sey Ming and Lee Weillin and Stamford Law Corp. partner Bernard Lui as advisors to China Minzhong and its independent directors, respectively.