MADRID, June 5 (Reuters) - Spanish tollway operator Abertis and three other shareholders of Portugal's Brisa have requested an independent appraisal of the full takeover bid for the Portuguese firm, according to a document seen by Reuters.
Abertis and shareholders with a total 15.68 percent of Brisa want Portuguese stock market regulator CMVM to appoint an independent expert to determine a fair price for Brisa, which is the target of a 700 million euro ($875 million) bid by its other leading shareholders.
"We consider the offer to be inadequate and to clearly undervalue the company, and are concerned with the process followed by the Board of Directors of Brisa in the assessment of the conditions and merits of the offer," the shareholders wrote in a document dated June 4.
The document is signed by Abertis, Franklin Templeton Investments, State of New Jersey Department of the Treasury Division of Investment and Cygnus Europa Event Driven Sub Fund. ($1 = 0.8003 euros) (Reporting By Carlos Ruano; Writing by Tracy Rucinski)