Synutra Completes Merger

5/16/17

Synutra International, Inc. (Nasdaq: SYUT), which owns subsidiaries in China that produce, distribute and sell nutritional products for infants, children and adults, today announced the completion of the merger contemplated by the previously announced Agreement and Plan of Merger, dated as of November 17, 2016, by and among Beams Power Investment Limited, Beams Power Merger Sub Limited and the Company. As a result of the Merger, the Company became a wholly-owned subsidiary of Parent.

Under the terms of the Merger Agreement, which was approved by the Company's stockholders at a special meeting held on April 28, 2017, each share of Company common stock has been cancelled and converted into the right to receive $6.05 in cash, without interest and less any applicable withholding taxes, except for (a) shares of common stock held by (i) any of Parent, Merger Sub and any other direct or indirect subsidiary of Parent and (ii) the Company, all of which have been cancelled and ceased to exist without the right to receive any payment or distribution thereon, and (b) shares of common stock owned by stockholders who have properly validly perfected and have not effectively withdrawn or lost their appraisal rights pursuant to Section 262 of the Delaware General Corporation Law, which shares of common stock have been cancelled for the right to receive the fair value of such shares as determined in accordance with the provisions of the DGCL.

Stockholders of record as of the effective time of the Merger who are entitled to the Merger Consideration will receive a letter of transmittal and instructions on how to surrender their share certificates in exchange for the merger consideration. Stockholders should wait to receive the letter of transmittal before surrendering their share certificates.

Houlihan Lokey Capital, Inc. is serving as the financial advisor to the Special Committee of the Company's Board of Directors, Cleary Gottlieb Steen & Hamilton LLP is serving as U.S. legal counsel to the Special Committee, and Potter Anderson & Corroon LLP is serving as Delaware legal counsel to the Special Committee. Wilson Sonsini Goodrich & Rosati, Professional Corporation is serving as U.S. and Delaware legal counsel to the Company. Davis Polk & Wardwell LLP is serving as U.S. legal counsel to the buyer group.

About Synutra International, Inc.

Synutra International, Inc. is a leading infant formula company in China. It principally produces, markets and sells its products through its operating subsidiaries under the "Shengyuan" or "Synutra" name, together with other complementary brands. It focuses on selling premium infant formula products, which are supplemented by more affordable infant formulas targeting the mass market as well as other nutritional products and ingredients. It sells its products through an extensive nationwide sales and distribution network covering all provinces and provincial-level municipalities in mainland China. As of December 31, 2016, this network comprised over 990 independent distributors and over 270 independent sub-distributors who sell Synutra products in approximately 27,680 retail outlets.

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