PAS Group’s independent board committee (IBC) setup to evaluate the $69.7 million takeover offer by US-based firm, Coliseum, has unanimously rejected the “opportunistic bid” deeming it as unfair market value.

Coliseum has gained control of the apparel and sports retailing group, as a result of its unconditional offer and is now holding shares in PAS of approximately 54.33 per cent.

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