Holyman Rejects Adsteam Takeover Offer

Directors of shipping and transport group Holyman Ltd. unanimously rejected a revised takeover bid from tugboat operator Adsteam Marine Ltd., saying it was still below fair value. The new Adsteam bid, which was upped to 52 cents a share from 45 cents, was still significantly below a valuation prepared by SG Hambros, which puts Holyman at between 60 and 89 cents a share.