The deadline for a takeover bid for Software of Excellence from an anonymous overseas bidder passed yesterday with conspicuous silence from the target company and its would-be buyer.
A month ago, the medical records software company said it had received a takeover proposal from an overseas rival andwas allowing a 20-working-day period for due diligence to be performed ahead of a decision on whether an offer would be made.
However, that period ended yesterday with no word from the company and management were unavailable for comment.
The Business Herald understands the company plans to make an announcement about the process today but a definite offer is not likely at this point, although one further down the track remains a possibility.
The board and management - some of whom, including chief executive Brian Weatherly, are based in Britain - were understood to be conferring overnight on the matter.
Software of Excellence shares closed 5c lower at $2.66 last night.
The identity of the potential bidder remains a mystery, with Software of Excellence saying only that it was a firm with "significant international operations and expertise in health information technology".
The list of suspects includes New York-based Henry Schein, which has a substantial international dental, medical and veterinary software division.
One of the main sticking points for an offer would likely be the price.
Sources close to the bidder have said an offer of around $2.60 is likely but ABN AmroCraigs analyst Brett Orsler has said he believes an offer over $3 may be required to gain the 90 per cent acceptance required.
