An independent committee described the offer by Sveaasinvestment vehicle Kistefos as “unfair” based on a report by Deloitte andTouche and fears the move would lead to further job cuts.
Kistefos offered SEK 5 ($0.76) per share late last month forthe 36.8% of RABT it does not own, valuing the company at SEK 739m.
In a statement to the Nasdaq OMX in Stockholm, the committeepointed out that the offer represents almost no premium to the average shareprice over the 30 days leading up to the offer.
Shares have remained practically unchanged since the bid was tabled on 24 March though today they rose 1% to SEK 5.05 at the time of writing.
The loss-making shipowner has been in the throes of a deepfinancial overhaul that has included job cuts.
While Kistefos has supported the restructuring efforts thereare fears that a full takeover would see cuts go even deeper than planned, thestatement said.
The decision to advise rejection of the bid was partly basedon the committee’s “perception of Kistefos strategic plans for Transatlanticand the effects that these may have on employment and the locations whereTransAtlantic conducts its business”.
