Photo: ERoad
The potential bidder for transport software company ERoad has quashed speculation it is about to raise its takeover price.
An Australian media report yesterday suggested Volaris, the front company for Canadian firm Constellation, was preparing to raise its $1.30 a share offer for ERoad, which had been rejected as being too low.
ERoad's board said it would not let Volaris do a detailed investigation of its business, known as due diligence.
In a brief statement Volaris said it had no intention of raising its price, at this stage.
"Volaris Group wishes to clarify that it currently has no intention to increase its proposal price under its NBIO (non-binding indicative offer), although it reserves its right to do so if there is a change of circumstances - including, but not limited to, being granted access to due diligence by ERoad."
The Canadian-backed bid already owns nearly 19 percent of ERoad.
However, ERoad's shareprice has hit $1.43, a signal that investors are betting on a higher takeover price.