The Board of M. P. Evans confirms it had previously received a non-binding proposal from KLK on the same key terms as the Offer (the “Indicative Proposal”). The Board of M.P. Evans considered the Indicative Proposal, together with its financial adviser, Rothschild, and on 13 October 2016 the Indicative Proposal was unanimously rejected by the Board of M. P. Evans.
M. P. Evans believes the Offer is wholly inadequate and very substantially undervalues the Company, its unique position and its future growth potential.
M. P. Evans will make a further announcement setting out its views on the Offer. In the meantime, M. P. Evans shareholders are strongly urged to take no action in relation to their M. P. Evans shares.
The Board of M. P. Evans has received financial advice from Rothschild on the Offer. In providing this advice, Rothschild has taken into account the commercial assessment of the Directors.