Sime Darby reduces offer period for shareholders

 Sime Darby has reduced its offer period for shareholders of the New Britain Palm Oil plantation to the Feb 23.

This follows a statement by the company last week that it had extended the offer date till late March to allow them to respond to requests made by the European Commission (EC) regarding the acquisition.

Speaking on behalf of Sime Darby, Maybank Investment Bank Berhad stated that the reduction of the offer period had come about due to the satisfaction of the EU merger filing condition of the offer document.

 “As the condition with respect to the EU merger filing as provided in Section 12.1(d) of the Offer Document had been satisfied on Jan 27, Sime Darby Plantation is of the view that the extension of the offer period secured through the second notice of variation issued on Jan 6, 2015, is no longer necessary”

“Accordingly, the offer period has now been shortened from 149 days to 124 days, ending on Feb 23 2015.

Sime Darby last year made a cash offer for all of Kulim in New Britain Palm Oil Ltd at K28.79 (GBP 7.15) a share.

The offer values the entire existing issued ordinary share capital of NBPOL at approximately GBP 1.073billion (K4.31 billion).

“We believe that our offer, priced at a substantial premium to the current market price, provides a very attractive liquidity opportunity to all NBPOL shareholders,” Sime Darby earlier said.