The independent adviser, MainStreet Advisers Sdn Bhd, and Rubberex’s non-interested directors had in the IAC concurred that the offer price was a discount to the estimated value of the share and also the volume-weighted average price (VWAP), and hence, unreasonable.
PETALING JAYA: Glove manufacturer Rubberex Corp (M) Bhd’s minority shareholders have been advised to reject the takeover offer of RM1.80 per share, as it is not fair and reasonable, according to the independent advice circular (IAC).
The independent adviser, MainStreet Advisers Sdn Bhd, and Rubberex’s non-interested directors had in the IAC concurred that the offer price was a discount to the estimated value of the share and also the volume-weighted average price (VWAP), and hence, unreasonable.
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