The venture capital firm, Sequoia Capital, has purchased 2.1 million shares from American Dairy, Inc. in a private placement. The firm paid $63 million for these shares. The shares were recently up 8% at $30 in pre-market trading. The stock was up 85% this year through Tuesday and there were approximately 18 million shares outstanding. The purchase price includes $47 million in cash and the conversion of a $16 million bridge loan the Company received from Sequoia late last month. the deal is expected to close on August 27. Under the agreement, American Dairy will issue more shares to Sequoia if certain earnings targets this year and next are not met.
American Dairy Inc., established in 1962, produces and distributes infant formula, milk powder and soybean, rice and walnut products in China. The Company is seeking to accelerate its strong track record of growth through production facility expansion in China and through ongoing product development and diversification.
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