LONDON--KL-Kepong International Ltd., or KLKI, a wholly owned subsidiary of Kuala Lumpur Kepong Berhad (2445.KU) said Friday it has launched a mandatory offer for the remaining shares of Equatorial Palm Oil PLC (PAL.LN) at 5 pence a share, after subscribing for 153.82 million shares at the same price taking its shareholding to 54.8%.

MAIN FACTS:

-The offer price represents a premium of 2.6% to the closing price of 4.875 pence per Equatorial Palm Oil, or EPO, share on Oct. 15, and values the whole of EPO at 17.7 million pounds.

-EPO Directors believe the offer from KLKI, which is a mandatory requirement under the City Code, does not reflect the potential value of Equatorial Palm Oil and its interests and, save for Mr. Jaoudi, do not intend to accept the offer.

-EPO Directors do, however, believe the offer is worthy of consideration by all shareholders, as it provides an opportunity to realize their investments in Equatorial Palm Oil for a certain cash amount in the near term.

-As at Nov. 29 Mr. Jaoudi hasn't given a firm indication as to whether or not he will accept the offer in respect of the 6.59 million EPO shares he is interested.

-Write to Ian Walker at ian.walker@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Equatorial Palm Oil (LSE:PAL)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Equatorial Palm Oil Charts.
Equatorial Palm Oil (LSE:PAL)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Equatorial Palm Oil Charts.