Finnish payment software firm Basware (BAS1V.HE) said on Tuesday it has received an indicative takeover proposal from U.S. peer Tradeshift, Reuters reports.
Shares in the Finnish company soared last week after it confirmed media reports it had been approached, although it did not name the bidder at that time.
“Basware has not, among other things, received any confirmation that the financing for the Indicative Proposal is appropriately secured,” it said in a statement.
“There can be no assurance that the Indicative Proposal will result in a tender offer or any transaction or that a tender offer or any transaction would be made at a certain price.”
Basware stock rose a further 6 percent in Tuesday’s early trade, giving the company a market value of around 490 million euros ($562 million).