UK-listed palm oil processor New Britain Palm Oil said it has not yet made a decision as to whether it will accept an offer by its largest shareholder.

Palm oil plantation owner Kulim, which owns almost 49% of New Britain Palm Oil (NBPO), last month announced plans to take its share up to just under 69%. The Malaysia-listed firm Kulim bid GBP5.50 a share for the extra shares.

The independent board committee at NBPO said today that it had not yet formed a view on the merits of the offer.

"The independent board committee will provide further advice to shareholders in due course and keep shareholders fully informed of any further developments."

In the meantime, it has advised shareholders to take no action in relation to the offer, which will remain open until 28 August.