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MAMA Group rebuffs revised takeover bid
Luxembourg-based investment company SMS Finance has failed in its latest bid to takeover the London-based live music venue operator and artist services firm, MAMA Group.
A revised £38m takeover approach for the group was submitted by SMS Finance on 9 December, just two days after it was told that a £30m bid was deemed to be "highly opportunistic" and would be rejected. A MAMA Group spokesperson said: "The board of MAMA believes this revised offer continues to undervalue MAMA and will recommend that shareholders take no action and reject the offer, when it is made.
In November, SMS Finance increased its stake in MAMA Group from 26.3 per cent to nearly 30 per cent, and insisted its latest takeover approach presented a "compelling opportunity" for other shareholders.
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