For Synlait Milk and Weetabix, what were the trailing (i.e., most recent annual results prior to the closing) revenue and operating income, implied full Enterprise Value and equity value of transactions, % ownership purchased, and key purchase multiples (i.e., EV/revenues, EV/operating income)?

Acquisition of Synlait Milk Synlait Milk, a small player in the dairy export market in New Zealand, was a subsidiary of Synlait Limited, a private limited company incorporated in New Zealand. Synlait Milk's range of products included infant and adult nutritional formulations, functional food ingredients such as UHT (Ultra-High-Temperature) milk and calcium-fortified powders, and specialised products to support a healthy lifestyle. Its milk products were sold in Southeast Asia, Japan, North Africa and the Middle East. In November 2010, Bright Dairy, a subsidiary of Bright Food, successfully acquired 51% stake in Synlait Milk for NZ$82 million (US$58 million), (See Exhibit 4 - Overview Of Bright Dairy Financials And Synlait Milk Financials). The New Zealand dairy firm saw the partnership with Bright Dairy as giving it a foothold in the Chinese dairy market ahead of its competitors. After the acquisition, Synlait Limited would have a 26.5% stake in Synlait Milk, with the remaining 22.5% stake in Synlait Milk retained by Japan's Mitsui and Co. When asked whether the acquisition would be approved by New Zealand's Overseas Investment Office (OIO), Synlait Limited's CEO, Dr John Penno, was confident the deal would easily gain OIO's approval. He said, "We do not have too many concerns in terms of regulatory approval in New Zealand as this investment is in processing and industrial manufacturing, not in sensitive land." After the acquisition. Synlait Milk planned to adopt a global sales strategy with a three-way market focus: one-third of its business in China, one-third in the rest of Asia and one-third in the rest of the world, with exports to about 40 countries. The Synlait Milk deal was Bright Dairy's first investment in processing facilities outside China, and the Company planned to increase exports of New Zealand milk powder and infant formula to China. The New Zealand Company planned to build a new milk processing plant with the cash injection. doubling Synlait's production capacity: In China, the market for premium products from New Zealand and Australia is growing rapidly. Synlait Milk will help Bright Dairy establish a market leading position in the infant formula and milk powder category with a planned co-branded range. 32 Benheng Guo President, Bright Dairy After the acquisition, Dr John Penno remained as Synlait's CEO. However half of the senior management team subsequently left the Company.*The Acquisition of Weetabix Ltd In early 2012, Bright Food was presented with another opportunity to acquire a top breakfast cereal brand owned by Weetabix Limited, operating as the Weetabix Food Company, and which produced and sold breakfast cereals. Based in the United Kingdom, the company had been founded in 1932 and the cereal was manufactured in England and Canada, with export to more than 80 countries. In May 2011, it was reported that Justice Holdings Lid, a UK listed investment company, was seeking to make an offer for Weetabix Limited valuing the cereal company at 1 billion euros. Weetabix had sales of over 460 million euros in 2011 and employed around 1,800 people. (See Exhibit 12 - Overview of Weetabix Financials.) It had around 7% of the British breakfast cereal market, but given competition rules in UK, large market players such as Dorset were unable to launch bids for Weetabix. In May 2012, after exclusive negotiations with the seller, Bright Food Group acquired a 60% stake in Weetabix, with the other 40% acquired by Weetabix's management. Bright Food Group paid about 180 million euros cash for its share. Weetabix was valued at 1.2 billion euros (US$ 1.9 billion) at the time of the purchase, including debt.* For Bright Food, the acquisition would enable it to grow its share in the Chinese breakfast cereal market and the Group was confident of outperforming the market's 20% annual growth. Weetabix, which was also owned by other global cereal brands such as Alpen and Ready Brek, only had a small footprint in China. Traditional breakfast in the mainland had meant food such as rice gruel or deep fried dough, often bought from street vendors. Although these were very different from Western breakfast preferences, cereals were beginning to catch on with the Chinese consumers. Weetabix's management also welcomed the deal and the additional investment it would bring. We are delighted about our partnership with Bright Food. We are confident that with Bright Food's support, we will be able to significantly strengthen our market position and expand our business internationally.* Giles Turrell CEO, Weetabix Post-acquisition, Bright Food announced plans to seek a listing for Weetabix on the Hong Kong Stock Exchange. An analyst from a research firm, CI Consulting, observed that "Listing Weetabix on the stock exchange would help mitigate the pressure from debt risks." Bright Food saw good future prospects for cereals. Chairman Wang Zongnan said: Bright Food will increase the level of investment in Weetabix brands and product innovation to facilitate its development in the international markets. We are confident that with support from market.* Bright Food, Weetabix's sales in China will outperform the growth of the Chinese cerealOVERVIEW OF BRIGHT DAIRY FINANCIALS Figures in RMB (millions) Year Ending 31 December 20 09 2010 2011 2012 Revenue 7,937.1 9,565.3 1 1,782.6 13,773.7 Gross Profit 2,976.5 3,245.5 3,869.2 4,758.3 Operating Profit 175.1 230.0 240.7 472.6 Profit before Tax 189.8 238.9 234.9 413.2 Net Profit 122.5 194.4 237.8 311.3 Total Assets 4,202.2 5,99 1.6 7,394.9 9,433.5 Total Current Assets 2,236.6 3,124.4 3,771.4 5,056.4 Net Property, Plant & Equipment 1,636.8 2,316.2 2,830.9 3,533.6 Total Liabilities 1,917.7 3,207.3 4,403.0 4,837.5 Total Current Liabilities 1,835.6 2,578.9 3,838. 1 4,053.9 Long-Term Debt 67.4 567.3 504.4 708.5 Source: Bright Dairy. (2014). Bright Dairy Financials. EXHIBIT 4B OVERVIEW OF SYNLAIT MILK FINANCIALS Figures in NZD (millions) Year Ending 31 July 20 10 2011 Revenue 233.4 298.9 Gross Profit 23.7 21.1 Operating Profit 3.8 (1.2 Profit before Tax (8.6) (4.3) Net Profit (11.7) (3.1) Total Assets 151.0 247.8 Total Current Assets 48.7 66.7 Net Property, Plant & Equipment 102.2 178.2 Total Liabilities 150.5 173.0 Total Current Liabilities 142.8 99.8 Long-Term Debt 0 63.8EXHIBIT 11 M&A TRADING MULTIPLES IN THE DAIRY INDUSTRY 2010 2011 2012 2013 Total Enterprise Value / Total Revenue 1.4x 1.5x 1.6x 1.7x Total Enterprise Value / Earnings bef. Interest, 10.0x 10.9x 11.6x 11.7x Taxes and Depreciation Total Enterprise Value / Earnings bef. Interest and 12.4x 13.6x 14.6x 14.6x Tax Price/Earnings 17.5x 18.5x 20.3x 20.5x Price /Book Value 2.6x 2. 8x 3.1x 3.2x Price/Tangible Book Value 3.5x 3. 8x 4.5x 4.6x Source: (2015, January 13). Dairy Products Key Stats & Ratios. Capital IQ. EXHIBIT 12 OVERVIEW OF WEETABIX FINANCIALS Figures are in E (millions) Year Ending 31 December 2009 20 10 20 11 20 12 Revenue 322.2 325.9 335.0 354.6 Gross Profit 124.9 130.3 128.6 137.2 Operating Profit 79.1 87.4 81.6 92.6 Profit before Tax 97.2 133.6 36.2 95.7 Net Profit 97.0 130.4 81.7 91.4 Total Assets 625.9 757.4 802. 1 591.1 Total Current Assets 487.2 595.0 686.3 469.9 Net Property, Plant & Equipment 105.9 112.5 77.0 82.2 Total Current Liabilities 65.9 49,7 55.7 62.8 Total Long-Term Liabilities 3.6 4,4 4.3 3.5 Source: (2014). Consolidated from Weetabix Balance Sheet and Weetabix Income Statement 2009-2013