Industrial software developer QMASTOR (ASX:QML) has rejected allegations by Triple Point Technology (TPT) that the former failed to engage with the latter over a takeover bid for the company.
In a statement, QMASTOR also made its own allegations about TPT's conduct during the pre-bid process, including that TPT submitted what it knew would be considered an inadequate bid.
QMASTOR said that before discussions commenced over a takeover proposal, its board made it clear that it would not entertain proposals valuing the company at less than $30 million.
TPT indicated that it would be willing to make such an offer if due diligence confirms QMASTOR's upper-range projections.
But in May, TPT provided an indicative offer that effectively valued QMASTOR at only around $21.7 million.
QMASTOR said TPT provided no indication as to why the proposed price was reduced, and that TPT demanded a response to the proposal within 10 business days.
A request for a two week extension for QMASTOR to determine why the offer had been cut was countered with an offer for one extra day to decide, board alleges - not the one week TPT has been claiming.
TPT is then alleged to have responded to QMASTOR's request to resume negotiations after the indicative offer had lapsed by making an on-market $0.23 per share takeover offer – which values QMASTOR at only $19.3 million.
The dispute between the companies could prove academic, as QMASTOR on Tuesday revealed that investors owning more than 10% of its share capital have already rejected the approach. TPT's offer is contingent on gaining at least 90% acceptances.
QML shares grew 8% in Wednesday's trading to $0.270.