A small, but vocal, group of NetComm Wireless shareholders are pushing back against its recommendation that shareholders vote in favour of a $161 million takeover offer from US firm Casa Systems, saying it materially undervalues the company.

While the $1.10 per share cash bid from Casa for the local telecommunications network equipment company came at a 50 per cent premium to its one-month average trading price, the group of long-term shareholders believe it was an opportunistic offer made while the company was trading at its lowest point since 2015, which did not capture the future growth opportunities of the business.