The New Zealand stock exchange says a takeover offer for the Bond Exchange of South Africa is too low.
NZX has a 22% stake in the Bond, but says it won't back a bid of $NZ17 million from the Johannesburg Stock Exchange at the current price.
While it will await the verdict of BESA's financial advisors, NZX says its initial view is that the unsolicited offer of 90 rand per share is too low and undervalues the company.
