The largest shareholder in Mama Group made an unsolicited cash bid valuing the live music, artist services and consumer company of about £30 million ($48.9 million), but Mama rejected the offer calling it too low.

Luxembourg-based investment firm SMS Finance offered 3.7 pence (6 cents) per share for Mama, which was a discount of more than 15% to Mama stock's closing price of 4.375 pence (7.1 cents) on Friday.

Last month, SMS Finance had raised its stake in Mama Group to 29.8% from 26.3%, by buying about 28.3 million more shares at 3.7 pence (6 cents) each.

SMS Finance said it planned to build on Mama Group's workforce to support the continued development and expansion of the business.

Mama Group said the offer was "highly opportunistic" and significantly undervalued the company.

The company also said it would recommend its shareholders to reject the offer, when it is made.

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