IntelliHR (ASX:IHR) has announced its board's decision to withdraw recommendation for the Humanforce Scheme and terminate the implementation deed with Humanforce after receiving a binding proposal from The Access Group (TAG).
The binding proposal was for 20 cents per share, surpassing Humanforce's counter proposal of 19.5 cents per share.
The board committee determined that TAG's offer provided a greater outcome for shareholders due to the increased consideration and working capital facility.
Shares of IntelliHR closed up 4.44% today.