Friday, July 23, 2010

M3Nergy board: Adamus Avenue offer not fair, not compelling

KUALA LUMPUR: The board of directors of M3NERGY BHD [] has concurred with its financial adviser Hwang DBS Investment Bank Berhad (HDBS) that the conditional take-over offer from Adamus Avenue Sdn Bhd is not fair and not compelling.

M3nergy said on Friday, July 23 that after considering the key factors and from a financial perspective, it viewed the offer "not fair and therefore not compelling".

It added the offer did not seem to reflect the underlying value of the company as well as the prospects of the business of the company.

It also explained the board's decision not to pursue other offers was independent of the appointment of HDBS and it was primarily driven by the fact that there were no other offers being presented to the board at the material time.

M3nergy also said TA Securities Holdings Bhd, which was appointed by the board as the independent adviser to advise the non-interested directors and the non-interested shareholders, had stated the offer "is not fair and not reasonable".

"The board wishes to reiterate that the board (with the exception of Datuk Shahrazi Sha'ari) had concurred with the opinions of both HDBS and TA that the offer is not fair and not reasonable," it said.

1 comment:

  1. Its good to see at least that activity is coming back into the market.

    Thomas Smith
    Operations Director

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