Reuters news reports that Malaysia’s Axiata Group Bhd, the largest shareholder of M1 will most likely reject an offer from Keppel Corp and SPH as Axiata views the S$2.06 (USD 1.51) per share offer as “opportunistic” and “inadequate”, said the source, who did not want to be named as Axiata has not issued a response to the
buyout offer from Keppel and SPH.

Axiata, which owns 28.3% of M1 is in talks teaming up with private equity firms and might launch it’s own offer to increase it’s stake in M1.