Securities Investors Association (Sias) has advised shareholders to reject Ennoconn's offer to acquire Nera Telecommunications (SGX:N01), according to a report by the Business Times on Thursday.
Sias founder and chief executive David Gerald said that Nera's independent financial adviser shared a similar sentiment, according to the report.
According to the statement, the wording mandatory in the offer does not legally bind shareholders into accepting the offer.
In a previous company filing, Nera Telecommunications had pointed out that Ennoconn was not going to revise its offer to shareholders of SG$0.075 per share.
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