Hutchison Telecommunications (Australia) (ASX:HTA) said its independent board committee, comprised of three independent directors, recommend shareholders to take no action at this stage about the off-market takeover bid for the company by Hutchison Telecommunications (Amsterdam) B.V. (HTABV), a unit of CK Hutchison Holdings, according to a Thursday Australian bourse filing.
The offer, for AU$0.032 per share, is expected to be sent to shareholders and open no later than June 5.
The company said it will prepare a target's statement responding to the offer once it opens, which will include the directors' recommendation and an independent expert's report saying whether the offer is fair and reasonable to its shareholders. The offer must remain open for at least one month, the filing added.
The committee has appointed Barrenjoey Advisory as its financial adviser and Herbert Smith Freehills as its legal adviser.
HTABV already owns 87.87% shares in the company.
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