StockMarketWire.com - Myanmar Investments International said a number of its substantial shareholders had backed its decision to reject a takeover proposal from Myanmar Strategic Holdings.

The company said its board had been in contact with shareholders who collectively held more than 50% of its shares.

'Those shareholders were unanimous in their view that the board was correct to reject the indicative proposal as it significantly undervalues the company and does not attribute fair value to the company's assets, nor their future upside," Myanmar Investments said.

On Tuesday, the company revealed that MSH had offered 75c per Myanmar Investments share, comprising 10c in cash and 65c in MSH shares.




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