Mike Pero Mortgages' independent directors are urging shareholders not to accept an unconditional 82c a share takeover offer from New Zealand Finance Holdings.
The independent directors said shareholders would be "under-selling" their shares if they accepted the offer.
Independent advisers Crighton Anderson Corporate Finance said the offer was not fair and valued Mike Pero's shares in a range of 96c to $1.09.
NZF has already secured a majority share in MPM, after buying a 54 per cent stake from Gould Holdings.
Pero offer rejected
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