Mitek Stock Price Rises After ASG Beefs Up Acquisition Offer

▤ Summary

ASG Technologies, the Florida-based software company backed by activist hedge fund Elliott Management, has upped its offer for San Diego’s Mitek Systems to $11.50 per share from $10 apiece.It’s the latest in a series of letters to Mitek’s board of directors that ASG and Elliott have published to pressure the company into accepting the takeover bid.ASG CEO Charles Sansbury, in an Oct. 31 missive , “reaffirmed” the company’s $10 per share offer.And ASG, in the offer made public Monday, said the proposal wouldn’t be subject to securing third-party financing thanks to its backer, New York-based Elliott, which manages $35 billion.Sarah de Crescenzo is the editor of Xconomy San Diego.

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