Well, well, well...Mitratech has walked away after a couple of weeks due diligence (which is not a great sign).

Management is now entertaining a second bid that was received, at a lower price of 27c, from Ideagen. Given the precedent set by Mitratech, any prospects of a deal being consummated here have taken a blow. The market certainly doesn't seem to have any confidence in it, and got it right with the large spread between the market price and the now unsuccessful bid lobbed by Mitratech.

A long time coming this - the company apparently was approached by several parties with initial, conditional, non-binding and indicative offers.

It decided to grant exclusive DD to one of them - US-based Mitratech holdings. The offer is for 30c, and preferred settlement is via scheme of arrangement.

Shares are up big as expected, though there is a still a considerable gap to the offer price. For long-suffering holders, this may not be the worst exit - hopefully we get a bidding war with a much better final price, as we saw with IntelliHR (I sold on the first bid and left over 100% on the table with that one!).

Generally, it looks like Christian is finally willing to vend the company.