Nitro Software’s board is sticking with its recommendation for the $2.15 per share bid from KKR-owned Canadian software company Alludo, after rival bidder Potentia Capital spelled out details of its $2 a share offer.

Local private equity firm Potentia’s 246-pages-long third supplementary bidder’s statement on December 23 extended its takeover offer period to March 31. More importantly, the statement fleshed out details of how Potentia bid’s scrip option – a key selling point in its attempts to get due diligence – would work.