Aevum Limited (ASX: AVE) chairman Graham Lenzer intensifies a campaign call to reject the Stockland Corporation Limited (ASX: SGP) offer of $1.50 a share.

Lenzer insisted, “Aevum is one of the largest pure retirement companies listed on the ASX (Australian Securities Exchange) and it has a strong independent future.” Aevum shares are trading at $1.72 while Stockland's shares are at $4.07.

However, the retirement villages and aged care facilities company released a target statement in response to the Stockland offer. ‘‘The target’s statement includes a number of key value metrics which strongly support the board’s view that Stockland’s $1.50 per share offer significantly undervalues Aevum.”

In the released statement, the independent expert’s midpoint valuation is placed at $2.07 per share. The average broker valuation of Aevum appeared as $2.05 per share and Aevum’s NTA is $2.02 per share.

On August 31, the Aevum head released a letter to shareholders urging a rejection of telephone calls from Stockland, as well as, a rejection of the Stockland bid. Lenzer stressed through the letter that “it is a criminal offence punishable by 3 years imprisonment for anyone to use the telephone to menace, harass or be offensive.”

The letter pointed out the $1.70 August 27 close of Aevum shares was significantly higher than Stockland's offer.