Aberdeen Asset Management Sdn Bhd, which holds a 9.4 percent stake in Malaysian Oxygen Bhd (MOX), does not intend to accept the takeover offer from Germany's Linde AG say reports.

The speculation comes after quotes attributed to managing director Gerald Ambrose were published stating, $quot;The main reason is the valuation. The offer price is too low and does not reflect the fundamentals as well as the future earnings of the company.$quot;

According to other reports surrounding the proposed takeover Linde is offering to pay 15 rgt a share for the remaining 55 percent stake it does not own in MOX, but Aberdeen estimates the company's stock to be worth close to 19 rgt due to its potential dividend yield.