The group is now in talks with an unnamed bidder about a potential offer that could scupper Hanover's £8.3mln bid for the firm
() shares rocketed on Monday as it received a potential counteroffer to a takeover bid by investment house Hanover.
The risk management software group said it has received an approach from an unnamed offeror and was currently in discussions, although it stressed that a formal bid has not yet been made.
In a separate announcement, Brady said the £8.3mln cash offer from Hanover, which was originally made in October, had fallen short of the 50% requirement for acceptances after it attracted approval from investors representing just 1.37% of its shares.
The timetable for acceptances has now been extended to 3pm on 29 November.
News of a possible rival bid sent Brady’s shares surging 37.6% to 16.5p in early deals, indicating that many are expecting a higher bid to emerge from discussions with the unnamed party.
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