Vietnam Dairy Products Joint Stock Company (HOSE:VNM) made an offer to acquire an additional 46.68% stake in GTNFOODS Joint Stock Company (HOSE:GTN) for VND 1.5 trillion on March 12, 2019. Vietnam Dairy Products Joint Stock Company will buy 116.7 million shares of GTNFOODS Joint Stock Company at a price of VND 13000 per share. The Board of Directors of Vietnam Dairy Products Joint Stock Company approved the transaction on March 12, 2019.

As of March 23, 2019, Board of Directors of GTNFOODS Joint Stock Company rejected the offer. On April 11, 2019, Vietnam Dairy Products Joint Stock Company submitted the second document to the Ho Chi Minh City Stock Exchange proposing to acquire 46.68% stake in GTNFOODS Joint Stock Company for VND 1.5 trillion. As of May 8, 2019, TAEL Two Partners Ltd registered to sell its 55 million shares.

Hochiminh City Securities Corporation acted as agent for the offer.