Australian company Armour Energy says an independent expert has claimed a takeover offer from China's Landbridge Group undervalues the company.
Landbridge launched a A$36.6 million (US$26.3 million) takeover offer for Armour in August through its Australian subsidiary Westside, offering A$0.12 per Armour share.
On Wednesday Armour said an independent expert report compiled by BDO Corporate Finance claimed the offer was “not fair and reasonable”, with the report valuing Armour's shares at between A$0.22
