Pan Pacific independent directors reject Zeta offer as under-valuing company

Fri, 24 Apr 2015

By Jonathan Underhill April 24 (BusinessDesk) - Pan Pacific Petroleum's independent directors have urged shareholders to reject a takeover offer from Zeta Resources, saying the proposal under-values the company and doesn't include a sufficient premium for control. The offer of 5 Australian cents a share is below the fair value assessment of 7.5 cents to 12.5 cents from RSM Bird Cameron Corporate, which was hired to give an independent opinion of the proposal. The valuation assumes Zeta acquires 100 percent of PPP and includes a control pr...

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