By Rory Gallivan

LONDON--M.P. Evans Group PLC (MPE.LN), an Asian palm-oil and real-estate company, Tuesday rejected a 360.5 million pound ($440 million) offer from Malaysia's Kuala Lumpur Kepong Bhd (2445.KU).

Conglomerate KLK said it made an offer worth 642.25 pence a share, including a 2.25 pence dividend, earlier this month, which the M.P. Evans board rejected on Oct. 13.

Shares in MP Evans, which has palm oil plantations in Indonesia and real estate in Malaysia, jumped 45% to 620 pence.

MP Evans said the offer was wholly inadequate and substantially undervalued the company, its unique position and its future growth potential.

The group said it would make a further announcement on the offer, but in the meantime, urged shareholders to take no action in relation to shares.

Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan

(END) Dow Jones Newswires

October 25, 2016 10:05 ET (14:05 GMT)

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