The Idion management shareholder block says DataMirror`s revised offer to buy Idion is still significantly below Idion`s inherent value.
"The revised offer has not as yet been considered by the independent committee comprising of non-executive board members and the independent advisers PricewaterhouseCoopers Corporate Finance," Idion says.
However, it says the management shareholder block, which owns almost 45% of the company`s issued share capital, believes the offer is below Idion`s inherent value and will not succeed.
Canadian group DataMirror yesterday increased its offer to Idion shareholders, proposing that it buy their shares at R1.20 each, a substantial increase from its previous offer of 65c per share.
It also said the revised offer is conditional on it obtaining 50% plus one share of the Idion shares in issue.
However, Coronation Holdings, which owns 10% of Idion, says it will not sell at less than R3 a share.
"The management shareholder block is confident that shareholders will see the DataMirror offer for what it is, namely a vague and uncertain commercial proposal under the guise of a hostile bid," Idion management says.
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