The takeover battle is between The Action Group and Humanforce who keep attempting to test the limits of each other with ever-increasing bids.

Before the takeover bids were launched earlier this year, intelliHR was wallowing at 5 cents a share. It was a long way from the company’s peak in 2021 of 49 cents a share and that’s what made the company such a rich target.

Since then the price has stepped up with each new and increased bid. TAG lifted its offer to 23.5 cents a share on Monday morning. By the afternoon, Humanforce had returned serve with 24 cents and speculators were expecting it to keep going. The shares are now trading at 25 cents, indicating that the market is anticipating another increased offer.

However, TAG has now waived its right to match the offer and did not intend to increase its price of 23.5 cents a share.

TAG had entered into a transaction deed with the intelliHR last week and that contained a “matching right” procedure. However, Humanforce already has 19.9 per cent of the company.

intelliHR’s board committee has recommended that shareholders accept the 24 cent offer from Humanforce in the absence of a superior offer.