Financial services provider Espreon Ltd has gone into a trading halt as it finalises an alternative proposal to one being offered by private investment firm Vectis Group Pty Ltd.
Espreon shares will remain in the trading halt until the Sydney-based company makes an announcement or the market open on January 15, whichever is earlier, according to an Australian Securities Exchange statement.
Shares in Espreon last traded on January 9, when they closed at 35 cents.
Espreon recommended on December 22 that shareholders reject the 45 cent per share Vectis bid, which had been raised from the initial 40 cent offer of November 28, describing it as opportunistic and undervaluing the company.
In August, the companies had agreed on a 62 cent takeover bid by Vectis, after the private firm's initial approach in June.
That agreement was terminated on November 6 after the fall in the S&P/ASX 200 Index in September and October triggered a termination clause in the scheme of arrangement.
Reckon Ltd, which develops and sells accounting software including Quicken, also owns about 20 per cent of Espreon.
