Pyne Gould Corporation shareholders have been told there's no compelling reason to accept a takeover offer from interests associated with its founder.
Australasian Equity Partners, a company associated with director George Kerr, on Thursday raised its offer for the company by 4 cents to 37 cents, after institutional investors deemed its first offer too low.
The revised offer is now a 37% premium to the company's pre-offer traded price and values the company at around $80 million.
But an appraisal report, prepared by Grant Samuel before the higher offer, values the company between 49 and 57 cents, and says there's no compelling reason for shareholders to sell.
Pyne Gould's independent directors say they won't be selling their shares, and shareholders should do the same, unless they require cash immediately, or don't have an appetite for long-term growth.
However they will meet again to consider the higher offer.
Shares in Pyne Gould were up 4 cents to 36 cents on Thursday.
