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LONDON, May 5 (Reuters) - The biggest investor in UK mail delivery firm DX Group, Gatemore Capital Management, ratcheted up its opposition to a planned reverse takeover deal with John Menzies on Friday, saying it "grossly undervalued" the firm.
In a letter to the board of DX dated May 4, Gatemore said it was confident that more than 50 percent of investors would reject the deal and, citing independent analysis of the deal, said it saw scope for a turnaround plan to boost DX's shares.
Gatemore said it wanted to see significantly improved terms or for the deal to be scrapped.
John Menzies did not immediately respond to request for comment.
Reporting by Simon Jessop and Esha Vaish; editing by Carolyn Cohn