The technology firm has agreed not to solicit competing acquisition proposals, but will have the right to consider any offers that the board feels are “superior” to XPND’s, which is paying $0.08 per share. If iPerceptions does receive a better offer from elsewhere, it will have to pay XPND a minimum termination fee of $150,000.

Claude Guay (pictured), iPerceptions’ president and CEO said: “We are very pleased with this transaction: it better reflects iPerceptions’ true value, supports our commitment to maximise value for all our shareholders and enables a better future for the corporation.”

XPND first approached iPerceptions in October last year, and the company established an independent committee to consider its options. Committee member Jean Laviguer said: “After an extensive review of the strategic alternatives available to iPerceptions… the independent committee unanimously determined that the [XPND deal] is fair to the public shareholders and in the best interest of iPerceptions and its public shareholders.”

It is expected to be completed by the end of the first quarter.