Investors rushed to buy into ERP.com yesterday after the group announced it had been approached by a second potential buyer.
The share closed at 206c, the first time ERP.com has finished above R2 since listing on the JSE in 1999. This was 12c or 6.2% up on Tuesday`s 194c close.
Volumes were relatively high, with 230 268 shares being traded - about double the share`s average daily volume of 120 266.
ERP.com, an e-business services and integration company, said in a renewal of an earlier cautionary announcement it had received a second expression of interest in acquiring the company.
The company announced in mid-February that it had been approached by a potential buyer and had entered into talks.
It says those discussions are still in progress, but it will also enter into talks with the second suitor.
ERP.com has so far managed to keep the identity of the bidders under wraps, although CEO Dean Brazier has said the first suitor is "known to management" and the approach resulted from a discussion on the future of the business.
"It`s not hostile in anyway and we believe it is a serious bid," he said last month.
The company says it has formed a subcommittee of independent non-executives to evaluate the expressions of interest and any potential offers. The subcommittee is also finalising the appointment of independent advisers.
The ERP.com share was trading at 207c early this morning, well above the 175c level recorded before the first cautionary notice was issued last month.
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