The board says in a statement that it "believes that this offer is highly opportunistic and significantly undervalues Mama and will recommend that shareholders take no action and reject the offer".

The SMS proposition was to buy the shares in the company it does not already own for 3.7 pence per share.

SMS currently owns 29.8% of Mama's issued shares. As part of the offer, SMS also tabled a resolution asking Mama shareholders to appoint Cristian D'Ippolito and Peter Read ...