Agricultural land and water company Tandou recommends shareholders reject Guinness Peat Group's revised takeover offer of 30¢ per share for up to 50 per cent of each Tandou shareholder's shares.
The Australian Financial Review reports that the offer is open until January 25.
Chairman Dick Warburton said: "The board of Tandou finds it strange that with less than one per cent of acceptances since GPG's proportional offer was made nearly two months ago, it has decided, without any improvement to the terms or structure, to extend its proportional offer."
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