(Sharecast News) - A top Mission Group shareholder said on Wednesday that Brave Bison's 29p-a-share takeover offer for the digital marketing agency was "highly unattractive".
DBAY Advisors acts as investment manager for Logistics Development Group, which has a 10.7% interest in Mission Group.
"DBAY believes that the indicative terms of the possible offer undervalue Mission and its prospects," it said.
"Whilst DBAY recognises the attraction of cash offers (or full cash alternatives) at significant premia, especially given the limited trading volumes in Mission shares, the all-share offer proposed by Brave Bison is highly unattractive."
Mission Group announced on Monday that it had rejected the takeover proposal from rival Brave Bison. It said the proposal was "opportunistic and significantly undervalues the group and its prospects".
The Mission Group (TMG)