THE apparently amicable bid for Miramar Hotel and Investment turned sour yesterday when director and general manager Young Bing-ching denied that the offer from Cheung Kong and CITIC Pacific was friendly. Mr Young also challenged the price offered, and said the shares could be priced as high as $20 - $4.50 more than the bid. Last week the joint bidders said they would pay $15.50 a share for all of Miramar's 554.3 million outstanding shares and $8.50 for each of the company's 23.1 million outstanding warrants. At the time they indicated that the approach was friendly and was made only after majority shareholders approached Cheung Kong chairman Li Ka-shing and CITIC Pacific chairman Larry Yung Chi-kin with their shares. In an open letter released yesterday, Mr Young said he wanted to respond to the remarks in his personal capacity and urged shareholders to wait for independent advice from the company's financial adviser. Mr Young said he received a telephone call from Cheung Kong and CITIC Pacific's financial adviser at 10 pm on June 8, only 11 hours before the offer was formally issued. ''Because the news came suddenly, I replied that I had to seek advice from the chairman of the board before giving an answer,'' he said. However, at 9 am on June 9, the letter of intent had already arrived at the secretariat of the board of directors, Mr Young said. ''This is a major takeover bid, but no sufficient time was given to the people involved to understand and seek advice on what was happening,'' he said. ''A sudden action for such a takeover bid certainly could not be regarded as friendly or good-intentioned, considering both companies are not existing shareholders.'' Mr Young said Mr Li may have been misled. ''Our financial adviser had asked the directors if they had reached certain consensus with the other side - all of the directors indicated that they had not,'' he said. ''Could it be possible that Mr Li and Mr Yung had been misled by some information to make such a move?'' Mr Young said Miramar property assets alone could support a price of $20 per share. Admitting that at that price the price/earning ratio would be extremely high, Mr Young noted that there were a lot of buyers for Miramar shares in the past years even though the price/earnings ratio was equally high. ''This shows that investors understand that although a company's profit will be lower during the process of development, its assets will increase in value,'' he said. Mr Young said apart from appreciation in property assets, Miramar also possessed many invisible assets. Since 1979, it had started establishing a good working relationship with China through trade, service, investment and other public relations activities. In the open letter, Mr Young also admitted that the management of Miramar had been far from aggressive in the past eight years. He said he did not have the same authority as his predecessor because he started his career with the group as front desk staff and eventually reached the position of general manager. ''Because of the lack of authority, I always had my hands tied and had to make concessions and compromise in the management of the group,'' he said.