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Canadian mortgage lender Home Capital rejects takeover offer

·1 min read

Aug 15 (Reuters) - Canada's Home Capital Group Inc on Monday rejected a takeover bid from a buyer it did not name, saying the offer undervalued the mortgage lender.

The Toronto-based company did not disclose the offer price, but said it exceeded C$28.60 per share. Its board, however, had decided against the bid after consultation with financial and legal advisers, Home Capital said.

Shares of Home Capital were up nearly 4% at C$29.54 on Monday. As of last close, they had fallen 27% this year.

Warren Buffett's Berkshire Hathaway Inc extended a lifeline to Home Capital in 2017, buying a 20% stake and offering a C$2 billion credit line after the company's investors withdrew more than 90% of funds from its high-interest savings accounts. (Reporting by Niket Nishant in Bengaluru; Editing by Shinjini Ganguli)