Baycorp slates takeover offer

Baycorp Advantage yesterday recommended shareholders reject listed investment firm Allco Equity Partners' takeover bid, labelling it "materially inadequate".

The credit information provider said in its target statement that the A$3.50 a share proportional takeover offer was significantly lower than the A$3.92 to A$4.31 valuation it received from independent firm Lonergan Edwards.


It valued the weighted average offer - which includes a A$1.18 per share or A$269 million capital return - at between A$3.16 and A$3.27 per share.