China Minzhong Food (MINZ.SGX), the Singapore-listed food processor that was targeted by a US short seller, has received a cash offer of US$575 million from its top shareholder Indofood Sukses Makmur (ICBP.IJ), Reuters reported. Minzhong’s stock market value plunged by almost half to US$273 million last week following a 49-page report by California-based Glaucus Research on accounting issues at the company. China Minzhong has rejected any irregularities. Indofood said it had increased its stake to 33.49% after buying additional shares from the market at US$1.12 per share, which kicked off a mandatory offer for the remaining shares at the same price.
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