Templeton rejects offer price for AsiaPharm

HONG KONG, March 3 (Reuters) - Templeton Asset Management said on Monday a private equity bid for Singapore-listed AsiaPharm Group (ASPH.SI: Quote, Profile, Research, Stock Buzz) was too low and disadvantageous to minority shareholders. The fund manager, which owns about four percent of Asiapharm's stock, said the offer from LuYe Pharmaceutical, a unit of Asia-focused buyout firm MBK Partners, substantially undervalues AsiaPharm's shares. (Reporting by Jeffrey Hodgson)