Myanmar Investments International rejects takeover approach
StockMarketWire.com - Myanmar Investments International said it had rejected a takeover approach by Myanmar Strategic Holdings, claiming it was too low.
MSH had offered 75c per Myanmar Investments share, comprising 10c in cash and 65c in MSH shares.
Myanmar Investments said the price represented a discount to both the prevailing share price and most recently-reported net asset value, and 'materially undervalued' the company.
'The board therefore unanimously concluded to reject this proposal unequivocally and has informed MSH that it does not intend to enter into negotiations in relation to the proposed transaction,' Myanmar Investments said.
'Consistent with what the board understands to be the expectations of the majority of its shareholders, the board continues to focus its efforts on developing MIL's current investments to optimise their return potential and looks to harvest the value in these investments over the next few years.'
At 1:42pm: (LON:MIL) Myanmar Investments International Ltd share price was 0p at 0.88p
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