recycler rubbishes buyout bid

Transpacific, which holds a 15 per cent interest in CMA Corporation, hasreportedly offered $A0.22 per share for the remainder of the company. However,the listed Australian scrap metal recycler has rejected the $A97 million bid asbeing too low. Transpacific's offer represents a 29 per cent premium overthe value of CMA shares on 27 October 2008