The board of UK Mortgages (UKML) has rejected the "final possible offer" from M&G Investment Management (MAGIM), which it issued only this morning.
In a statement, UKML acknowledged receipt of the increased offer made by MAGIM earlier today valuing the company at 70p per share, which it believes "undervalue[s] the company and its prospects", is not "recommendable to shareholders" and in turn "sees no basis for engagement" with the offer. It added that the offer can only be increased "in the event that a third party announces a firm offer" and has confirmed that it is "not in discussions with any third party at this time, nor has it been previously". The board confirmed that its "review of future strategy" would go ahead as planne...
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