Independent Adviser tells Serendib Land shareholders to reject Senthilverl Mandatory Offer

SERENDIB Land PLC's Board of Directors has rejected the Mandatory Offer made by Senthilverl Holdings Ltd., advising shareholders not to accept the offer price of Rs. 1,500 per share, citing that it represents a discount to the company’s valuation based on independent opinion.

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On Friday, Serendib Land in a statement said that the Mandatory Offer was made by Senthilverl Holdings on 18 December 2025 to acquire up to 642,265 ordinary shares, representing 61.73% of the issued share capital of the company, at a cash consideration of Rs. 1,500 per share.

The Board said it has appointed HNB Investment Bank Ltd., (HNBIB) as the Independent Adviser to provide advice to the Board and shareholders on the Mandatory Offer, as required under the Colombo Stock Exchange's (CSE) Mergers and Acquisition Code.

Based on its evaluation, the Independent Adviser has advised shareholders not to accept the offer, stating that the offer price is at a discount to the valuation of the company under all valuation methods considered.