Shares in Smartspace Software PLC (AIM:SMRT) more than doubled to 68.32p after Australia's Skedda Holdings put out a statement to say it has made "a series of proposals" about a possible cash offer but has been rebuffed.
The most recent offer was at 82p per share, it said, which compared to the last closing price of 33.5p for Smartspace's shares.
Skedda, which is based in Melbourne and specialises in venue management software, said SmartSpace's largest shareholder, JO Hambro Capital Management, which has an 8.3% stake, has indicated its support for the deal on a non-binding basis.
The board of SmartSpace "has not been willing to date to provide their support for the proposal", the Australian company noted.