This Monday gave investors a very mild day of gains overall on the ASX boards. As of market close, the All Ordinaries Index (ASX: XAO) put on 0.11% today to finish at 7,258.2 points. This comes despite spending the morning mostly in the red. But it was a different story for one ASX tech share.
The MOQ Ltd (ASX: MOQ) share price was on fire today. MOQ shares ended up rising an eye-catching 40% at 7 cents each after closing at 5 cents per share last week.
MOQ is an ASX tech share that works to "develop, build and acquire complementary cloud-focused technology businesses".
So what might have sent this ASX tech share up by such a large number today?
ASX tech share MOQ in bidding war
Well, it seems that this share price rise has been sparked by a takeover offer. According to an ASX release from this morning, MOQ has received an offer to acquire 100% of its shares for a price of 6.6 cents each.
Originally, MOQ identified the company making the offer only as a "third party". But it subsequently released an announcement that revealed the suitor as Brennan VDI Pty Ltd.
But this is not the first time MOQ has received interest from a potential buyer. Back in June, the company announced that it had received another takeover offer, this time from Atturra Holdings Pty Ltd. This bid was initially floated at 5 cents per share. But MOQ announced just last week that it had been raised to 6 cents.
So it seems we now have a bidding war going on for MOQ shares.
With the reception of the Brennan bid of 7 cents, MOQ has declared this bid a 'superior proposal' and has given Attura until Thursday 11 August to "match or offer more favourable terms to" this new bid from Brennan.
So we shall have to see what happens next. But no doubt MOQ's shareholders would probably be pleased with the enormous gains we have seen today from this ASX tech share.
