China Mengniu Dairy Company has offered A$1.5bn ($1bn) to buy Bellamy’s, an Australian infant formula maker, as part of ambitious plans to expand outside of its home market. 

Bellamy’s said on Monday its board had unanimously accepted the A$13.25 cash per share offer from the Hong-Kong listed dairy giant, which represents a 59 per cent premium on the company’s closing share price on Friday. Bellamy’s shares jumped 56 per cent in early trading in Sydney on Monday, in their best one-day performance since the company’s initial public offering.

Andrew Cohen, Bellamy’s chief executive, said Mengniu was an ideal partner. “It offers a strong platform for distribution and success in China, and a foundation for growth in the organic dairy and food industry in Australia,” he said.