Educational software developer Entellect Solutions (ASX:ESN) has advised shareholders take no action on an unsolicited takeover offer from Mooter Media (ASX:MMZ).
Entellect had not been approached with the offer before it was made, the company said in a statement, and therefore the board needs time to study the proposal.
Mooter Media is offering two MMZ shares, an option exercisable at $0.015 per share and another option execrcisable at $0.05 per share for every 40 ESN shares.
Entellect said it had already rejected an incomplete non-binding recapitalization plan put forward by Mooter chairman Peter Jermyn, according to the statement.
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