VC investors divest Mengniu stake

Three private equity shareholders of Hong Kong listed Mengniu Dairy completed a 168 million share secondary offering yesterday (December 16) raising $131 million under the lead management of Morgan Stanley. The three - MS Dairy (an offshoot of MS Capital Partners), CDH China and Actis China - offered 57 million existing secondary shares and 111 million shares that represented 30% of a convertible bond, which had become excerciseable on December 10.