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China’s American Dairy to raise $63m in private placement
In a private placement with Sequoia Capital, American Dairy Inc will raise $63m. The deal means Sequoia Capital is buying 2.1 million shares for $47m in stock and the conversion of a $16m bridge loan Sequoia made to American Dairy late in July.
The sale should close on 27 August. American Dairy will owe Sequoia more shares if it doesn’t hit certain revenue goals this year and next. And Sequoia can put someone on American Dairy’s board of directors.
American Dairy makes and sells infant formula, milk powder and soybean, rice and walnut products in China, and owns Feihe Dairy in Beijing.
Source: San Francisco Business Times
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