Management buyout (MBO) group Rendina has extended its €2.45-per-share offer for Alphyra until February 19th.
By yesterday's deadline, the MBO group had secured acceptances from shareholders representing 34.6 per cent of the electronic transactions group.
One shareholder, the New York-based Kaufmann Fund, has made public its intention to reject the MBO bid in respect of its 7 per cent holding; it expressed concern about management hostility towards rival approaches.
Denver-based First Data withdrew a €90 million indicative bid for Alphyra last Friday, leaving Rendina as the sole bidder. Management had treated First Data's interest as "hostile and most unwelcome".
The Rendina vehicle is led by 10 members of Alphyra's management team, including chief executive Mr John Nagle.