KUALA LUMPUR: Kuala Lumpur Kepong Bhd (KLK) has failed to make a bid to take over MP Evans for RM2.3 billion as it failed to get more than 50 per cent of voting rights of the London’s Alternative Investment Market listed company.
In its filing to Bursa Malaysia, the company said the offer has lapsed after it had received valid acceptances of the offer representing 13.2 per cent of the existing issued ordinary share capital of MP Evans.
“As the acceptance condition (ie valid acceptances which carry in aggregate more than 50 per cent of the voting rights of MP Evans) has not been satisfied, the offer has lapsed on December 31, 2016.
“And accordingly, the offer is no longer capable of further acceptance,” it said.
On November 15, KLK announced the terms of a revised cash offer at 740 pence per share for MP Evans to acquire the entire issued and to be issued share capital of MP Evans.
On December 9, KLK had extended the offer until December 21 and did not revise the offer price. As of December 9, it only received valid acceptances amounting to 12.9 per cent equity interest.
Initially, KLK came with an offer price of 640 pence to MP Evans’ board and later increased the offer to 740 pence. However, KLK said the increased offer was final and would not make a new offer.