Metlifecare has rejected an indicative takeover offer of $6.50 a share as being too low after sounding out some of its major shareholders.
The board said its internal valuation could be in excess of $8 a share, depending on the assumptions used.
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The indicative offer from an unnamed suitor came out of the woodwork last month and, while it would've been a premium to the $5.18 price the shares were trading at, it's still below Metlifecare's net tangible asset value of $6.96 per share.
"Following confidential institutional soundings, a binding offer at $6.50 per share is unlikely to be supported by the requisite majority of shareholders voting. In particular, the Accident Compensation Corporation, Nikko Asset Management, and Generate have advised they would vote against such an offer," the company said in a statement.