The decision by two major shareholders, Coal Link Investments with 3.9% and Microequities with 7.1%, to reject the 0.23c offer means Triple Point Technology’s takeover condition of 90% acceptance cannot be met.

Speculation that another bidder may emerge for Qmastor has intensified as the mine software sector undergoes a global consolidation. The quality of Qmastor’s client base – which includes Anglo Coal and BHP Billiton – puts it on the radar of potential acquirers.

Coal Link Investments managing director John Hughes said TPT’s offer price of 23c per share was well below Qmastor’s value.

He believed Qmastor was well positioned to grow its business as a specialist software supplier to the mining, port, and power generation sectors in Australia.

Triple Point Technology chief financial officer Oni Chukwu branded Qmastor’s board’s handling of its takeover offer “unprofessional”

Chukwu reiterated Triple Point’s assertion that Qmastor had underperformed during the mining boom and that Triple Point’s 23c a share offer was the best way forward for Qmastor shareholders.

This view has been disputed by Microequities chief executive officer Carlos Gil, who argued that a price north of 32c a share was more realistic.