Hold out for more.

That essentially is the advice of a US investment bank for shareholders of Singapore-based Grindrod Shipping after a $26-per-share all-cash offer from Taylor Maritime Investments (TMI).

Noble Capital researcher Michael Heim weighed in on Tuesday with analysis indicating that Nasdaq-listed Grindrod is worth more than TMI’s original offer.

“We believe there is a reasonable chance that a transaction will be completed at a higher price, closer to our price target,” Heim told clients, citing a $31 figure.