WMG's (KLSE:WMG) independent adviser, MainStreet Advisers, advised shareholders to reject the mandatory takeover offer by joint offerors, deeming it "not fair" and unreasonable, according to a Monday prospectus on Bursa Malaysia.
The property developer received an offer from Exsim Borneo to sell its remaining stake not already owned by Exsim Borneo and joint offerors at 0.165 ringgit per share.
The adviser said the offer price undervalues the company's potential.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.