The company confirms the increased offer and says it met with ASG, found that the new price still undervalued the company, but gave ASG the chance to increase its offer again if ASG and Elliott agreed to a confidentiality agreement while due diligence was performed.
Key quote: "What we could not agree with was ASG’s and Elliott’s insistence on maintaining the ability over the next few months to threaten a proxy fight and otherwise pursue a hostile campaign against the Company – even after potentially receiving confidential information. Given our good faith and diligent efforts, it is reasonable to expect a similar willingness to constructively engage without the threat of costly and distracting campaigns and with assurance that our confidential and proprietary information will not be misused."
Mitek shares are up 2.7% to $10.01.
Previously: Mitek +17% as ASG boosts offer (Dec. 10)
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