The committee of independent directors of Eurasian Natural Resources Corp (ENRC) has suggested shareholders should 'seriously consider' the offer from its founders despite grave reservations about the price. The independent directors lamented that the revised offer from a consortium of the company's founders "materially undervalues ENRC" and could not be recommended, but should still be considered as the shares will soon be delisted and not be compulsorily acquired as is normally the case in the UK. The committee explained that if the offer is accepted by more than 90% of shareholders, the founders have warned they will not be compulsorily acquiring the outstanding shares, as shareholders might usually expect. The founders' consortium, which owns 53.9% of the shares already, has offered $2.65 in cash and 0.230 Kazakhmys consideration shares for each ENRC share, which values ENRC at 228.0p per share based on the closing price of Kazakhmys on August 7th.The independent directors pointed out that this represented a discount of 28.8% to the average price of 320.1p per ENRC share for the three months prior to the April 18th offer, but only a marginal discount to the closing price on that date.A significant proportion of the offer is comprised of Kazakhmys consideration shares, which the committee noted some ENRC shareholders might not wish to hold, while the cash portion of the consideration will be denominated in US dollars and so subject to movements in the dollar/sterling exchange rate.The committee's suggestions will form part of the response document that will be issued by ENRC on or around August 14th and no later than August 21st.Shares in ENRC were up 1.3% to 222.2p at 15:55 on Thursday.OH