On June 19, 2013, Utah State Judge Andrew H. Stone ruled in favor of Defendants, our clients, denying an injunction in a suit claiming that Mr. You-Bin Leng, Feihe International’s Chairman and Chief Executive Officer, and an affiliate of Morgan Stanley Private Equity Asia were attempting to acquire the company via an unfair process at a grossly inadequate and unfair price. Plaintiffs alleged, among other things, that the $7.40 per share consideration (a 21.3% premium to market) failed to reflect the value of certain receivables and was based on financial projections with unreasonable assumptions. Compass Lexecon expert Kevin Dages submitted a Declaration on behalf of Defendants. In ruling for Defendants, Judge Stone noted the offer premium and stated that he was persuaded by the Dages Declaration with regard to the treatment of the receivables and that even taking into account these receivables the consideration was within the reasonable range of values for the stock. Feihe International and Mr. You-Bin Leng were represented by Stellman Keehnel, Andrew Escobar, and Stephen Hsieh of DLA Piper LLP. Morgan Stanley was represented by Eric Waxman, Harriet Posner, and Nicole DiSalvo of Skadden, Arps, Slate, Meagher & Flom LLP. Kevin Dages was assisted by George Hickey, David Strahlberg, Ed Crane, and Ben Xiao of Compass Lexecon’s Chicago office.