Gulf Marine Services rejects Seafox International's $32 mln buyout offer.

Gulf Marine Services recently rejected a $32 million takeover proposal from Seafox International saying the offer fundamentally undervalued the oilfield industry contractor.

“The board remains highly confident in the future success of the company. Now is not the time for shareholders to sell at a price that is far below the true worth of GMS,” its Executive Chairman Tim Summers said.

Last month, Seafox International made a cash offer of $0.09 per ordinary share to the board of Gulf Marine. 

in.reuters.com