March 13 (Reuters) - Italian yacht maker Ferretti

on Friday said an independent financial adviser has

called Czech investment group KKCG's offer to double its stake

in the firm "not attractive."

In a statement, Ferretti said the independent board

committee reviewing the bid agreed with the adviser's assessment

and recommended that independent shareholders reject the offer.

In January, KKCG launched an offer worth up to 182 million

euros ($209.8 million) to double its 14.5% stake in Ferretti and

push for changes to a board appointed by the company's Chinese

controlling shareholder.

"In particular, a duopoly of significant shareholding of

Ferretti International Holding (FIH) and KKCG Group, but neither

holds a majority shareholding, may give rise to significant

uncertainty in relation to the company's long-term business

strategy and operational management," Ferretti said.

The company, controlled by state-owned Weichai Group of

China, added that, as of Friday, KKCG had not discussed with any

of its directors their potential inclusion in its slate for the

board renewal, among other issues, creating uncertainty about

the company's plans.

KKCG was seeking changes to a board appointed by Weichai,

which manufactures industrial equipment.

Weichai, which is based in eastern China's Shandong

province, had said it would not support KKCG's tender offer as

it viewed its investment as "long-term and strategic." It owns

38% of the yacht maker.

The rejection comes less than a day after U.S. investment

firm Biglari Holdings ( BH ) acquired a 3.4% stake in Ferretti.

($1 = 0.8677 euros)