BANGKOK -- Thailand's leading wireless carrier Advanced Info Service urged shareholders on Monday to reject a tender offer by compatriot power provider Gulf Energy Development, citing the "inappropriate price" of the bid.
The "tender offer price is lower than the fair value of the company," the carrier known as AIS said in a filing with the Stock Exchange of Thailand. Gulf Energy is offering 120.93 baht per share, while AIS calculates the appropriate value as between 214 and 234 baht per share.
