Pendula tops Soprano's Whispir bid by 19%

The news: Shares in takeover target Whispir have jumped almost 3% after receiving a sweetened bid from its second suitor, Pendula. Pendula has offered a 19% premium to the bid from Soprano Design, which yesterday offered shareholders their money before Christmas if they took its bid.

The numbers: Whispir shares were up 2.9% to $0.53 in early trading, above Soprano's offer of 48 cents per share but short of Pendula's 57 cent per share bid. Pendula is offering to acquire Whispir by scheme of arrangement in either cash or a 50-50 cash-stock split, or by way of an asset sale after Pendula buys one or more Whispir subsidiaries. The deal would be worth roughly $78.3 million.

The context: Whispir's board and advisors are working with Pendula towards a binding offer that could be recommended to the target's shareholders. It is still recommending shareholders reject the offer from Soprano Design.