Sage said it was reviewing its position and would issue a
further statement on Monday, July 5.
"The structure of the current offer is clearly designed to
force shareholders to tender their shares rapidly, which may
give UNIT4 the edge in its battle for control," SNS Securities
analysts wrote in a note.
However, the bid battle is likely to continue, they said.
"Sage has local operations from which it may extract cost and
revenue synergies if it acquires Teta, synergies that UNIT4 will
not be able to realize. We do not expect Sage to give up."