Hunter Hall’s board has advised shareholders to reject the existing takeover offers made by Pinnacle Investment Management and Washington H. Soul Pattinson.
Over the last month, both Washington H. Soul Pattinson (WHSP) and Pinnacle Investment Management revised their takeover offers, increasing the bid price and removing a number of the previously set conditions
Hunter Hall (HHL) however, in a statement to the ASX, told shareholders they should reject both offers on the grounds that each “significantly undervalues” the shares.
“Both the WHSP revised takeover offer and the Pinnacle revised takeover offer represent a material discount to the estimated fair market value of HHL shares, which has been assessed by the independent expert to be $2.75 to $3.20,” the statement said.
The company’s independent directors “continue to explore all strategic options” available to shareholders, the statement said.