Two out of four independent directors in REDtone tell shareholders to reject takeover offer

REDtone managing director Datuk Wei Chuan Beng.

PETALING JAYA: Two out of the four independent directors of REDtone International Bhd have rejected the takeover offer launched by Berjaya Corp Bhd (BCorp) for the telecommunications company, as they feel the offer price of 80 sen a share is too low.

The rejection by the two independent directors echoes the move by the Sultan of Johor, who is the single largest shareholder with 134 million REDtone shares or 20.13%, to decline the offer much earlier before the independent advice was out.