SMB United

SMB United +10.9% to $0.355 in relatively high volume, after disclosing that a 3rd party has expressed interest in acquiring the company, which may top the current takeover bid by Profit Sea Holdings, which is wholly owned by Boer Power (1685.HK). The SIC has ruled that the unnamed 3rd party must announce its intentions no later than Jan 10.

Meantime, SMB's board had advised investors to reject Profit Sea's takeover bid on the basis that the $0.32/share offer failed to reflect the financial position and growth profile of the company and undervalued the stock. The deadline for acceptance of the Profit Sea bid has been extended to Jan 20. As of 19 Dec, Profit Sea had obtained acceptances for 20.6% of SMB's outstanding shares. SMB's directors collectively hold approximately 24.4% of the shares. The NAV of the stock stands at $0.303 as of Sep 11.