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BRIEF-Feihe International announces receipt of "going private" proposal at $7.40 per share

Oct 3 (Reuters) - Feihe International :

* Announces receipt of "going private" proposal at $7.40 per share

* Says its board of directors has received a preliminary, non-binding proposal

letter dated October 3

* Board to form special committee of independent directors to consider this

proposal

* Board received proposal letter from CEO You-Bin Leng, unit of Morgan Stanley

private equity Asia

* Says You-Bin Leng currently owns 45.34% of the company's common stock

* Proposal letter states mspea got a "highly confident" letter from wing lung

bank about $50 million in debt financing

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