Permodalan Nasional Bhd (PNB)'s takeover bid on SP Setia is facing resistance as SP Setia rejected the offer.
SP Setia said "Based on external valuations of the company by investment analysts published before receipt of the offer, that the shares offer and warrants Offer fundamentally undervalues the company".
"The board will also be writing to the offeror to enquire whether they are interested in revising the Offer price upwards to reflect a price which is closer to the fair value of S P Setia," it said.
Meanwhile SP Setia Bhd stock jumped to 2 month high to close at RM3.87 after SP Setia rejected the offer saying the offer is unattractive and undervalues, there will seek a rival offer.
Some analyst said the offer price of RM3.90 is taking advantage of weak market sentiment and was not favourable to minority shareholders.
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