Whispir board backs Soprano's latest offer
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The news: The board for software company Whispir has thrown its support behind a "best and final" bid from major shareholder and cloud messaging technology Soprano Design.
The numbers: The offer of 55 cents is a significant premium to the initial 48 cent bid. The initial was rejected by Whispir's board committee and an independent expert, which valued the company at up to $0.5649. The offer close has been extended to 7pm AEDT on 10 January 2024. Whispir shares were trading 1.8% higher by 11:20am AEDT at $1.55.
The context: Soprano's increased offer came after rival suitor Pendula made a non-binding indicative offer of 57 cents, which it later hiked to 60 cents. Whispir's board has unanimously recommended the current Soprano bid, last week noting the Pendula offer was highly conditional and not yet complete to recommend to shareholders.
The board noted Whispir's share price could fall in absence of the Soprano offer and Soprano could become a controlling shareholder in the meantime.
The source: ASX Announcement
