An affiliate of Feihe International Inc, a Chinese maker of dairy products, will acquire Vitamin World Inc out of bankruptcy for about $28 million, after no other bidders submitted offers for the U.S. nutritional supplements seller, people familiar with the matter said on Monday.
Vitamin World, which filed for Chapter 11 bankruptcy in September, canceled an auction for the company which had been scheduled for Tuesday, the people said. A bankruptcy court judge must still approve the sale to Feihe.
The sources asked not be identified because the outcome of the bankruptcy process is not yet public. Vitamin World did not immediately respond to requests for comment. Feihe International could not be immediately reached for comment. (Reporting by Jessica DiNapoli in New York; Editing by Jonathan Oatis)