Directors of shipping and transport group Holyman Ltd. unanimously rejected a revised
takeover bid from tugboat operator Adsteam Marine Ltd., saying it was still below fair value.
"The revised bid continues to undervalue the Holyman business and falls well short of fair price for control," Holyman managing director James Bryant said.
The new Adsteam bid, which was upped to 50 cents a share from 45 cents, was still significantly below a valuation prepared by SG Hambros which puts Holyman at between 60 and 89 cents a share, Bryant said.