Micro Focus, the British application management specialist, faces a renewed battle to get its hands on Borland after the US company revealed it had received a superior bid.
This marks that latest twist in a bidding war that has already seen Micro Focus table two bids in the last month with the most recent of $88m, the equivalent of $1.15 a share, in reaction to a rival offer. Yesterday the company unveiled strong results and indicated that it was determined to continue on its strategy of growth through acquisition.
But according to reports Borland has indicated that it has received a proposal that is better than the one on the table from Micro Focus.
Micro Focus originally announced a $75m cash offer for Borland last month but then an unnamed bidder topped that indicating it was prepared to pay $1.20 a share compared to the original bid of $1 a share from Micro Focus.
In a statement by Stephen Kelly, CEO of Micro Focus, accompanying its preliminary results for its financial year ended 30 April, the intention to add to the four acquisitions it had made in the last 14 months was made clear.
"In the year ahead we will continue to pursue our successful stated growth strategy," he said.