Shareholders of New York-listed Chinese dairy company Feihe International have voted in favor of a private equity-backed management buyout valued at US$147 million by a consortium that includes Asia Pacific private equity investor Morgan Stanley Private Equity Asia (MSPEA) and the company’s chairman Leng You-Bin. The buyers will pay US$7.40 per share for all outstanding shares not currently owned by Leng. The transaction will be funded with US$36.3 million in equity, with US$28.1 million coming from MSPEA and the balance from Leng, and a US$50 million term loan facility from Wing Lung Bank and Cathay United Bank.