China Mengniu Dairy, a manufacturing and distribution company of dairy products and ice cream in the People's Republic of China, offered to acquire Bellamy's Australia, a major Australian food and beverage company, and the parent company of Bellamy's Organic, Australia's largest organic infant formula producer, for $983m. The consideration represents a 59% premium to the closing price of Bellamy's on September 13, 2019. "The proposed Scheme is an attractive all-cash transaction at a 59% premium to the prevailing share price. It reflects the strength of the Bellamy’s brand, the dedication of 160 passionate employees and the progress of our turnaround plan," John Ho, Bellamy Chair.