Both KLK and Boustead Plantation have resumed trading on the stock exchange after being suspended for 2 days following its announcement of the acquisition deal which fell through yesterday. Stocks on KLK resumed trading at 9 a.m. while Bplant at 10 a.m.
The proposed 33% stake acquisition of Boustead Plantation by KLK for RM1.1 billion was purported to have collapsed after parties could not come to an agreement on the terms.
The high-profile deal came about when KLK proposed to acquire 33% stake in Boustead Plantation from BHB and LTAT for a cash consideration of RM1.1 billion or RM1.55 per BPlant Share.
Upon completion of the Proposed Acquisition, KLK’s shareholding in BPlant will increase from nil to 33% and 1 share, while BHB and LTAT will collectively retain their remaining equity interest of approximately 35.0% in BPlant. On the unconditional date of the Proposed Acquisition, both BHB and LTAT shall be joint offerors with KLK, and the Joint Offerors will be obliged to extend a mandatory take-over offer to acquire all the remaining BPlant Shares not already owned by the Joint Offerors for a cash offer price of RM1.55 per BPlant Share.
