The Whispir Ltd (ASX: WSP) share price is shooting the lights out on Monday.
The ASX tech share closed on Friday trading for 30 cents. At the time of writing, shares are swapping hands for 48 cents apiece, up a whopping 60%.
Here's why investors are snapping up shares of the software-as-a-service (SaaS) provider today.
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What did the ASX tech share report?
The Whispir share price is rocketing after the company reported it has received an off-market takeover bid from Soprano Design Australia Pty Ltd to acquire all of its shares.
Soprano is offering 48 cents per share in cash, which is now the current trading level. Soprano said that, in the absence of an alternative proposal or a competing proposal, this is the best and final and won't be increased.
Noting the 60% premium on offer relative to the Whispir share price at market close on Friday, Soprano highlighted the following key attractions of its unconditional offer:
- The offer provides cash certainty for your investment
- Shareholders will no longer be exposed to the inherent risks of owning shares in a listed company
- No stamp duty or brokerage fees in accepting the offer
Soprano also said it will vote against any competing takeover offers that could potentially arise for the ASX tech share, revealing that it currently owns 15% of Whispir shares.
Additionally the company stated, "If a competing takeover proposal emerges, it will not accept any of its Whispir shares into the competing takeover proposal."
Soprano chair Richard Favero added that, "Soprano believes that the likelihood of an alternative proposal or a competing proposal emerging for Whispir is low."
Whispir share price snapshot
With today's big lift factored in, the Whispir share price is back in the green for 2023, up 12%. The ASX tech share remains down 2% from where it was trading this time last year.
