“Following this termination, LTAT wishes to also announce that it aims to proceed with the general offer for Boustead Plantations at the offer price of RM1.55 per share, subject to regulatory approvals,” it said in a statement.

LTAT currently holds a direct 10.59% stake in BPlant while its wholly-owned subsidiary Boustead Holdings Bhd (BHB) holds 57.42%, for a combined 68% stake in the plantation company.

On Aug 24, KLK entered into a strategic collaboration agreement (SCA) with LTAT and BHB to initiate a compulsory takeover bid to acquire BPlant shares at RM1.55 per share, valuing BPlant at RM3.47 billion.

Under the terms of the agreement, KLK was to acquire 739.2 million shares or a 33% stake plus one share in BPlant, for a cash payment of RM1.15 billion.

LTAT, BHB and KLK agreed yesterday not to proceed with the acquisition.

BPlant’s shares surge on LTAT’s offer

LTAT’s announcement led to a surge in the share price of BPlant to its peak of RM1.41 in the morning trading session today.

The stock was one of the most actively traded on the local stock exchange.

In a filing with Bursa Malaysia today, BPlant confirmed that it received a letter from LTAT indicating its intention to move forward with a general offer for BPlant shares at a price of RM1.55 per share.

“LTAT will make the relevant announcement or notification as and when required in accordance with the requirements of Bursa Malaysia, Securities Commission Malaysia and any other relevant authorities,” it said.

The company has issued a cautionary statement to its shareholders, urging them to exercise prudence when trading in its shares given the lack of firm offers related to the proposed general offer following the temporary halt in trading earlier today.

Trading in BPlant shares was suspended upon LTAT’s announcement this morning of its intent to move forward with the general offer. The suspension was lifted at 10am.

By 12:39pm, BPlant had gained 12 sen or 9.45% to RM1.39 with 65.69 million shares changing hands.