Synchronica rebuffs Myriad's initial possible takeover, shares down nearly 8%

Mobile messaging firm Synchronica (CVE:SYN) said Friday that it rejected a "possible" takeover bid by rival Myriad Group AG. 

The initial approach was rebuffed, Synchronica said, but Myriad has indicated to the company that it intends to revise their offers terms. 

Neither side unveiled the price offered for Synchronicashares, which were trading down 1.5 cents, or 7.14 percent, falling to 19.5 cents apiece on Toronto’s junior venture exchange.

Synchronica went on to say that it "considers it appropriate to receive and consider the revised terms" before deciding to kybosh discussions. 

The Swiss group, Myriad, has until 31 January to make a firm offer under takeover panel rules, which may depend in the reaction ofSynchronica’s board. 

Synchronica makes messaging, social networking and Internet browsing software for mobile software platforms like smartphones.

The company, which gets most of its sales from operator-branded messaging business bought from Nokia last year for $25 million, saw revenues more than double from a year prior and are expected to grow to $29 million this year, according to Thomson Reuters.