Rexit adviser against takeover offer

KUALA LUMPUR: MainStreet Advisers Sdn Bhd, an independent adviser for Rexit Bhd, says the takeover offer from the latter’s main shareholders was unfair and unreasonable. The offer came after Datuk Seow Gim Shen, Metaco Asset Holdings Sdn Bhd and Bemas Holdings Sdn Bhd acquired an aggregate of 92.27 million Rexit shares, or 53.27 per cent of its total issued shares. In a filing with Bursa Malaysia yesterday, MainStreet said the evaluation of the fairness of the offer relied on the discounted cash flow valuation method.