Reckon's Espreon buy hits bump

ASX-listed accounting software seller Reckon's attempt to buy portions of corporate support firm Espreon through bidding partner Vectis has hit a bump in the road, with Vectis reducing its offer amount for Espreon following due diligence.

Reckon wants to buy Espreon's corporate service and cost recovery businesses from Vectis, should Vectis' acquisition of Espreon go ahead.

But Reckon revealed in a statement to the Australian Securities Exchange this morning that Vectis had downgraded its 70.5 cents per share bid for Espreon to 65 cents.

Both Reckon and Vectis have recently had access to Espreon's books as part of the due diligence process carried out during corporate acquisitions. The process was expected to be finished by the end of the month.

However, Reckon chief executive Clive Rabie told ZDNet.com.au this morning he still thought the price offered was satisfactory. "In my view, it's a very reasonable deal," he said.