KUALA LUMPUR (Dec 10): Plantation group Kuala Lumpur Kepong Bhd (KLK) extended its M.P. Evans Group PLC takeover offer closing date to this December 21 after the buyer failed to secure enough acceptance at the first closing date yesterday (December 9, 1pm London time)

M.P. Evans owns oil palm plantations in Indonesia and Malaysia.

KLK, which had earlier revised its offer to 740 pence (about RM41) per M.P. Evans share from 640 pence, said in a statement to the London Stock Exchange yesterday it had extended the closing date until 1pm on December 21.

KLK said the extension was intended to give M.P. Evans shareholders more time to consider the merits of the higher offer.

"In light of the announcement made by KLK on Thursday 1 December 2016, the M.P. Evans' response on Friday 2 December and the M.P. Evans' announcement on Tuesday 6 December outlining the proposed sale of its minority interest in an Indonesian joint-venture, KLK considers that M.P. Evans shareholders would benefit from further time to consider the increased offer.

"There can be no certainty that the offer period will be extended beyond this date. M.P. Evans shareholders who have not yet accepted the increased offer are urged to do so without delay," KLK said.

As at the first closing date yesterday, KLK said it received valid acceptance involving 7.19 million M.P. Evans shares. KLK said the shares constituted 12.9% of M.P. Evans' issued base of 55.74 million shares.

KLK had earlier said its offer was conditional upon valid acceptance constituting more than 50% of M.P. Evans' issued share base.

At Bursa Malaysia yesterday, KLK shares closed at RM23.88 for a market value of RM25.43 billion. At the London bourse, M.P. Evans shares ended at 650 pence.