WorldWideTech & Science. Francisco De Jesús.
Device software company Myriad Group is believed to be set to make a bid for messaging products company Synchronica.
In a regulatory statement, Synchronica said that an initial offer from Myriad had been rejected, but “Myriad has indicated to the company that they intend to revise the terms of their potential offer and the board of Synchronica considers it appropriate to receive and consider the revised terms before determining whether to terminate discussions.”
Myriad has until 31 January 2012 to either announce a firm intention to make an offer of Synchronica, or alternatively announce that it does not intend to follow through.
According to Reuters, following a share price climb after the talks were announced, Synchronica has a value of around £21 million.
Synchronica bolstered its position last year with the acquisition of Nokia’s operator-branded messaging business. However, the loss-making company has also had to put an “aggressive cost-cutting programme in place,” and late last year parted company with its CEO, Carsten Brinkschulte.
Myriad has also had cost cutting measures under way during the last year, including migrating its engineering efforts to China and closing non-core sites. The company’s cash position was bolstered following a US$12 million legal settlement with Openwave Systems, and it is also working to develop mobile social networking services for Telefonica and Vodafone Essar (India).