DJ M. P. Evans Group PLC Offer Rejection
The Board of M.P. Evans (the “Board”) notes the announcement by KLK of a revised unsolicited final offer to acquire the entire issued share capital of the Company at a price of 740 pence per M.P. Evans share (the “Revised Offer”). The Revised Offer is final save as set out below.
The Board received a non-binding proposal from KLK on the same terms as the Revised Offer (other than in respect of it being declared final) on 11 November 2016 which it considered, together with its financial adviser Rothschild, and unanimously rejected on the basis that it very substantially undervalues the Company, its unique position and its future growth potential.
M.P. Evans will make a further announcement in relation to the Revised Offer. In the meantime, M.P. Evans shareholders are strongly urged to take no action in relation to the Revised Offer and not to sell their M.P. Evans shares.
The Board of M.P. Evans has received financial advice from Rothschild on the Revised Offer. In providing this advice, Rothschild has taken into account the commercial assessment of the Directors.
The Revised Offer is final and is not capable of being increased, save that KL-Kepong International LTD, a wholly-owned subsidiary of KLK, reserves the right to increase the price per M.P. Evans Share payable pursuant to the terms of the Increased Offer in the event of: (i) a public announcement of the existence of a new offeror or potential offeror, whether publicly identified or not; or (ii) the recommendation of such an increased offer by KLK or KLKI by the board of M.P. Evans.
The Board received a non-binding proposal from KLK on the same terms as the Revised Offer (other than in respect of it being declared final) on 11 November 2016 which it considered, together with its financial adviser Rothschild, and unanimously rejected on the basis that it very substantially undervalues the Company, its unique position and its future growth potential.
M.P. Evans will make a further announcement in relation to the Revised Offer. In the meantime, M.P. Evans shareholders are strongly urged to take no action in relation to the Revised Offer and not to sell their M.P. Evans shares.
The Board of M.P. Evans has received financial advice from Rothschild on the Revised Offer. In providing this advice, Rothschild has taken into account the commercial assessment of the Directors.
The Revised Offer is final and is not capable of being increased, save that KL-Kepong International LTD, a wholly-owned subsidiary of KLK, reserves the right to increase the price per M.P. Evans Share payable pursuant to the terms of the Increased Offer in the event of: (i) a public announcement of the existence of a new offeror or potential offeror, whether publicly identified or not; or (ii) the recommendation of such an increased offer by KLK or KLKI by the board of M.P. Evans.