KUALA LUMPUR, Sept 6 (Reuters) - Kulim (Malaysia) Bhd's 812 million ringgit ($246 million) bid to buy an extra 20 percent in its Papua New Guinea-based New Britain Palm Oil Ltd has crumbled after the Malaysian firm failed to undo a restraining order.
"As such, Kulim was unable to declare the partial offer unconditional and the partial offer has since lapsed," the company said in a stock exchange filing on Thursday.
The Securities Commission of Papua New Guinea earlier blocked Kulim's partial offer to take control of London-listed New Britain Palm Oil, the company announced in Aug. 20, without citing any reasons. [ID:nWLB004OC ]
The offer, made in June, would have increased Kulim's interest in New Britain to just under 70 percent. It currently holds 49.2 percent of the company, according to Thomson Reuters data.