Broadcast CMS developer SintecMedia has extended the deadline for its takeover bid of London-based rival Pilat Media after less than half of Pilat’s shareholders agreed to the deal. Sintec made the 26.5 pence per share offer in March and AIM-listed Pilat recommended that shareholders pass the deal, hoping they would be enticed by a premium of over 100 percent on the value of their shares. A new release filed this week confirms that so far Sintec has received the green light from shareholders representing 48.91 percent of Pilat—and is extending its offer until a week today, April 30, in the hope of getting backing of the remaining shareholders.

The merged business would be called Pilat-Sintec and have more than 400 staff and 80 customers in the broadcast industry. Pilat CEO Avi Engel stressed when the deal was announced that the merger is “borne out of opportunity and not necessity” and that joining forces with Sintec simply made good business sense. He also pointed out that the process could take up to three months and a “high shareholder acceptance majority is required. Perhaps preparing for the deal to fail, he says that even the board can’t persuade investors to back to deal Pilat will continue to be successful anyway.