New Britain Palm Oil ups cash offer for Ramu, values co at $53 mln
LONDON (Thomson Financial) - New Britain Palm Oil Ltd. (NBPOL) raised its cash offer for the shares which it does not already own in the capital of Ramu Agri-Industries Ltd, valuing the company at $53 million.
The large-scale integrated industrial producer of palm oil in Australasia also said it has revised its offer to Ramu shareholders, increasing it to 6.10 Papua New Guinean kina per Ramu share for the entire issued share capital of Ramu that it does not already own.
On the basis of the revised offer, this would value Ramu at about $53 million which would be funded from NBPOL’s existing cash resources.
The move comes after Ramu received a takeover notice from WR Carpenters (PNG) Ltd., indicating that it will make a partial offer of 6.00 Papua New Guinean kina in cash for up to 50 percent of Ramu’s issued share capital. Carpenters currently holds 4.05 million shares in Ramu, representing 17.2 percent of Ramu shares.
NBPOL currently has an interest in 4.68 million shares in Ramu representing 19.45 percent. NBPOL also said it believes the terms of the revised offer are compelling for Ramu shareholders and expects to receive the support of Ramu’s key shareholders.
