LONDON (ShareCast) - (ShareCast News) - Indonesian palm oil plantation owner MP Evans has confirmed that the 740p per share offer made by Kuala Lumpur Kepong Berhad lapsed on Wednesday after it failed to secure enough support from the company's shareholders.
MP Evans said it welcomed the rejection by shareholders - the offer only managed to get 13.2% support - which it believes substantially undervalues the shares. The offer would have needed 50% acceptance to proceed.

Chairman Peter Hadsley-Chaplin said: "MP Evans owns, and manages, an excellent portfolio of plantations and has a clear strategy for growing the business significantly further, both by acquisition and by the development of its existing plantable areas.

"The successful growth to date has led to the board's recently stated intention to increase dividends substantially. The board thanks our shareholders for their support and for their belief in the continuing successful execution of our growth strategy."

At 0912 GMT, the shares were up 10.4% to 541p.

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