TORONTO, ONTARIO -- (Marketwired) -- 04/21/17 -- MM Asset Management Inc. ("MMAM") announced that it intends to reject the offer made by Pollard Banknote Limited ("Pollard") to acquire Innova Gaming Group Inc. ("INNOVA") for $2.10 per Share. MMAM exercises control or direction over approximately 11.3% of the outstanding common shares of Innova.
MMAM believes that Pollard's offer materially undervalues Innova common shares, which have an analyst target price range of $3.00 to $4.50 per share. Notably, Innova completed its initial public offering less than 2 years ago at $4 per share.
MMAM encourages Innova's special committee to run a full strategic review process that we expect will lead to a sale transaction at a significantly higher price.