Though it had a target price of 64p, broker Singer Capital Markets said the 72p per share cash offer by CSG Systems for Intec Telecom was right at the bottom end of its 72p - 84p take out price range published last month, and the broker has not ruled out the prospect of other large US players getting involved.

"Whilst we believe some investors would be disappointed at the take out level given the stock hit a 12m high of 121p, confidence has undoubtedly been shaken given the extended sales cycles the company has experienced since the beginning of the calendar year. There are other big US players operating in the space (Oracle, Amdocs, Comverse) so a counter bid cannot be completely ruled out (note: break fee is £2.3m), though it has been in the public domain that the company was in talks," Singer analyst Tintin Stormont said.

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