Feb 15 (Reuters) - Greencross Ltd GXL.AX :
* Update on corporate activity GXL.AX
* The board is of the view that this modestly increased price also fundamentally undervalues Greencross"
* The board recommends shareholders take no action in relation to their shareholding in light of this development"
* Refers to conditional non-binding proposal by consortium
* Consortium provided proposal to acquire all of shares they do not already own in Greencross at a price of $6.75 cash per share
* Source text for Eikon ID:nASX54GlCt