The board of Innova Gaming Group has urged its shareholders to reject the takeover offer from Pollard Banknote pending a strategic review to find a "financially superior" alternative.
The board has unanimously recommended that shareholders turn down Pollard's $2.10 per share cash offer amounting to CAD$43m.
Innova's board maintains that Pollard's offer undervalues the business and does not adequately compensate shareholders for tendering their shares. This has been supported by a written opinion from Innova's financial advisor Raymond James Ltd.
"The special committee [...]
