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LONDON (Alliance News) - Asian Plantations Ltd Friday said it is the subject of a voluntary conditional cash offer from FELDA Global Ventures Holdings Berhad which values the company at GBP102.9 million.
FELDA, a Malaysia-based agricultural and agri-commodities company, has made an offer of 220 pence per share, a 3.5% premium to the closing price of Asian Plantations on Thursday. Asian Plantations shares were down 0.6% to 211.2 pence in early trade Friday.
FELDA said it has received irrevocable undertakings to accept the bid in respect of approximately 59.9% of Asian Plantations' shares from shareholders and directors.
Asian Plantations first disclosed in March that it was in takeover talks with several potential suitors. In July, it reported a widened loss for 2013, saying higher production had pushed up revenue but adding this had also increased production costs.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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