MM Asset Management has announced that it intends to reject the offer made by Pollard Banknote to acquire Innova Gaming Group for CAD$2.10 per share.

MMAM exercises control or direction over approximately 11.3 per cent of the outstanding common shares of Innova.

The company believes that Pollard's offer materially undervalues Innova common shares, which have an analyst target price range of $3 to $4.50 per share. Notably, Innova completed its initial public offering less than two years ago at $4 per share.