Independent board directors of digital sports media company Perform Group have advised shareholders to reject a £702 million (€895 million/$1.1 billion) final takeover bid from privately-held US conglomerate holding company Access Industries.
In a document issued to shareholders, the independent board directors said the final offer undervalues the company and any potential future growth.
The recommendation comes after Access Industries last month revised its final mandatory cash offer to increase its shareholding in Perform Group to 100%.
Access Industries had initially offered 260 pence for each Perform share, but the revised offer came in slightly lower at 259.3 pence per share.
In addition to the new plea by independent board directors for shareholders to reject the bid, Perform Group also recommended a rejection in early September shortly after receiving the initial offer.
source : www.igamingbusiness.com
