Whispir board tells shareholders to reject Soprano bid

The news: The board of software company Whispir has called on shareholders to reject a takeover offer from messaging technology Soprano Design. An independent expert from RSM deemed the offer unfair for Whispir shareholders not associated with Soprano, Whispir's board said.

The numbers: Soprano, which owns a 15% stake in Whispir, had offered 48 cents a share to the target's shareholders. At the time of the early November bid it represented a healthy premium to Whispir's share price a few days before of around 30 cents, which shot up to around 48 cents after the bid and today was trading at 54.5 cents. Whispir said the independent expert had valued its shares at between $0.4859 and $0.5649.

The context: Sydney-based Soprano said in November its bid was its best and final offer, and it would give certainty to Whispir shareholders following financial losses and capital raises. Whispir shareholders have until 21 December to accept or reject the deal.