Myanmar Investments shareholders reject takeover proposal

(Sharecast News) - Myanmar Investments International updated the market on Myanmar Strategic Holdings' potential takeover of the company on Wednesday, following its announcement earlier in the week that its board was unanimously rejecting the indicative proposal. The AIM-traded firm said it had been in contact with shareholders who collectively held an interest in excess of 50% of the voting rights in its issued share capital."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," the Myanmar Investments board said in its short statement.