It’s been a disappointing start for many ASX shares and the All Ordinaries Index (ASX: XAO) so far this Monday. At the time of writing, the All Ords has slipped by 0.34%, dragging the Index down to around 7,445 points. But let’s talk about one ASX All Ords share that is spectacularly defying this gloom today.

The Bigtincan Holdings Ltd (ASX: BTH) share price is on fire today. This ASX All Ords tech share has added a pleasing 16% so far this session, putting the company at 58 cents a share. That’s after Bigtincan shares closed at 50 cents each last Friday.

So what’s happening with this ASX All Ords share that has enticed investors so decisively today?

Well, Bigtincan put out a rather interesting ASX release this morning which looks like it is responsible for this big jump in value.

All Ords share in takeover fight

In this announcement, Bigtincan revealed that “recent media speculation” has been well-founded, and that the All Ords share has been on the receiving end of a takeover offer. Here’s what the company had to say:

In response to recent media speculation Bigtincan confirms that… it has received a confidential, non-binding, incomplete and indicative offer from Siris Capital Group, LLC (“Siris”) at an indicative offer price of $0.80 per share (the “Siris Proposal”).

Bigtincan’s independent board committee (“IBC”) does not consider it to be in the best interests of shareholders to progress that Siris Proposal at this time. Bigtincan has received other confidential approaches since that announcement.

The IBC will, with the assistance of its financial and legal advisers, continue to carefully consider any proposals that maximise shareholder value and continue to ensure it remains in compliance with its confidentiality and continuous disclosure obligations. There is no certainty that any such proposals will lead to a transaction.

That’s exciting news for shareholders, to be sure. What is likely to be really stoking these fires is the revelation that “Bigtincan has received other confidential approaches since that announcement”.

Shareholders tend to love a bidding war and it looks like multiple suitors are interested in a potential takeover.

Share price snapshot

Investors seem to have been speculating that something like that has been going on for a few weeks now.

It was only back on 10 May that Bigtincan shares were going for 41 cents each, down 24% in 2023. But since that day, this ASX All Ords share has rocketed more than 40%, leaving it with a year to date performance of 8.3% right now:

In saying that though, Bigtincan shares still remain down by more than 60% from their 2021 highs of around $1.50 per share.

It certainly looks like this ASX All Ords share will be very interesting to watch for the next few weeks and months. Who knows what might lie in store for Bigtincan going forward?

At the current Bigtincan share price, this ASX All Ords share has a market capitalisation of $350 million.

The post Guess which ASX All Ords share is soaring 16% amid a fresh takeover bid appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bigtincan. The Motley Fool Australia has positions in and has recommended Bigtincan. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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