A panel of independent advisors has described the potential £1.1bn takeover offer for New Britain Palm Oil (NBPO) as “fair and reasonable”.

The £7.15 per share offer by rival Sime Darby will remain open until 18 December, unless it is withdrawn or extended.

Payment is expected to be made on 24 December, NBPO added.

Commenting today, the company said in a statement: “In assessing the merits of the offer, the independent directors of NBPO have assessed the level of cash consideration (with the assistance of the Independent Adviser’s Report) and the other terms and conditions of the offer, including the overall conditionality of the offer and the stated future intentions of Sime Darby Plantation.

“The independent directors of NBPO have carefully assessed the merits of the offer and, following this assessment, the independent directors unanimously recommend, in the absence of a superior proposal, that NBPO shareholders accept the offer.”