KUALA LUMPUR: United Malacca Bhd shareholders have been advised by Kenanga Research not to accept the Tee family's RM6.10-a-share mandatory takeover offer.
Kenanga Research said the price undervalues the plantation group despite the family raising its stake to 47.7 per cent.
The offer was triggered after Prosper Trading Sdn Bhd, jointly controlled by Tee Kim Tee and Tee Cheng Hua, acquired 28.19 million shares, or a 13.4 per cent stake, from Great Eastern Life Assurance (Malaysia) Bhd for RM171.9 million.
The RM6.10 offer price is below United Malacca's net tangible assets of RM7.44 a share for the financial year ended 2026 and Kenanga Research's target price of RM7.00.
