Takeover battle for intelliHR lights a fire under its shares
The bidding war for Brisbane software company intelliHR has continued with a new offer under a scheme of arrangement of 22 cents a share.
The battle for IntelliHR is heading up. (AAP image)
But investors are speculating that it could go further with its shares jumping 9 per cent this morning to 23 cents a share.
The company’s share price has more than tripled since the start of the year.
The Access Group made the latest binding offer after Humanforce lifted its bid to 19.5 cents a share. It holds 19.9 per cent of the company and has said it would vote its stake against TAG’s previous offer at 20 cents a share.
The company said its offer created certainty and it expected the intelliHR board to recommend its offer to shareholders.
The board, which lost two directors last week, after a selldown by one of its major shareholders, said it would update the market later today.
TAG said its higher offer of 22 cents was available only through the scheme of arrangement avenue. If the transaction was forced into a takeover bid and it received 75 per cent of the shares the offer price would be 21.5 cents.
If it receives less than 50 per cent of the shares, the offer price via a takeover bid would fall to 21 cents.
