The board of funds management group MacarthurCook has again rejected a takeover bid by AIMS Securities, despite the offer being sweetened to the tune of 16 per cent.
The MacarthurCook board announced to the Australian Securities Exchange (ASX) today that notwithstanding the increased offer price, it would be recommending to shareholders that they reject the offer.
“The board still believes that the revised offer undervalues the current business and opportunities before MacarthurCook,” the ASX announcement said.
It said the board remained open to any superior proposals from parties with an interest in MacarthurCook and was open to recommending an offer that provided sufficient value to shareholders.
