PARIS, Feb 1 (Reuters) - Investment company Polygon Global Partners LLP said on Monday that it believed French telecom company Orange's buyout offer for Orange's Belgian unit was still too low, and added it had hired a financial advisor on the matter.

"Polygon remains supportive of the strategy pursued by Orange Belgium and continues to believe that a price of 22 euros ($26.67) per share would substantially undervalue the company on a standalone basis," it said in a statement.

Polygon, which holds around 5.3% of Orange Belgium's share capital, said it had hired investment bank Ondra to examine its options regarding Orange Belgium. French telecoms group Orange owns 52.9% of Orange Belgium. ($1 = 0.8249 euros) (Reporting by Sudip Kar-Gupta, editing by Louise Heavens)