SAC Capital said the offer is "not fair and not reasonable."
The Securities and Investors Association (Singapore) (SIAS) is urging Nera Telecom shareholders to reject the mandatory unconditional cash offer of $0.075 per share from Ennoconn Corp.
The independent financial adviser (IFA), SAC Capital, has stated that the offer is "not fair and not reasonable."
Nera's independent directors support this recommendation and advise shareholders to decline the offer.
SIAS clarified that the term "mandatory" does not require shareholders to accept the offer; they are free to retain their shares.
Ennoconn Corp has also announced it will not change the offer price, does not intend to pursue compulsory acquisition, and plans to keep Nera listed.
SIAS reiterates the advice of the IFA and independent directors that shareholders should reject the offer.
