Pero offer rejected

Mike Pero Mortgages' independent directors are urging shareholders not to accept an unconditional 82c a share takeover offer from New Zealand Finance Holdings.

The independent directors said shareholders would be "under-selling" their shares if they accepted the offer.

Independent advisers Crighton Anderson Corporate Finance said the offer was not fair and valued Mike Pero's shares in a range of 96c to $1.09.

NZF has already secured a majority share in MPM, after buying a 54 per cent stake from Gould Holdings.