Whispr's Pendula deal talks end, board backs Soprano bid

The news: Cloud-communications platform Whispir looks primed for a takeover by Soprano Design, after talks with alternative suitor Pendula ended and the target's board has thrown its unanimous support behind Soprano's bid. Today, Whispir CEO and co-founder Jeromy Wells joined in support of the bid.

The numbers: Whispir's board has unanimously recommended shareholders accept Soprano's offer of 55 cents per share before the offer closes at 7:00pm AEDT on Wednesday. Whispir shares have fallen 1.8% to the offer price in early trading on Monday after Whispir's board declared talks with Pendula were over.

The context: In late December, Whispir's independent board committee recommended Soprano's bid, which had been upped from 48 cents per share after Pendula came to the table with a non-binding indicative offers of 57 cents and later 60 cents per share. Whispir's board noted Pendula's bid was highly conditional and too incomplete to recommend to shareholders.

What they said: "As at the date of this announcement, no superior proposal has emerged, or is likely to emerge, from these discussions," Whispir's board told shareholders in an ASX announcement. "Further, the Whispir Board confirms that there are no ongoing substantive discussions with Zipline Cloud Pty Ltd (Pendula)."