Blue Prism Group Plc is reviewing a potential bid from SS&C Technologies Holdings Inc. that would value the U.K. software company at 1.2 billion pounds ($1.6 billion), according to a statement.

Photo Credit: Bloomberg News

The rival bid comes after Blue Prism’s board recommended Vista Equity Partners’ proposed 1.1 billion-pound takeover in September. Vista’s offer of 1,125 pence per share has faced strong opposition from activist Coast Capital, which said it “vastly undervalues” the company.

On Nov. 10, SS&C approached Blue Prism regarding a possible cash offer of 1,200 pence per share, according to the statement. While the directors of Blue Prism are not withdrawing their backing for Vista’s bid, they will examine the new offer.

Blue Prism is “still an absolute steal” at SS&C’s offer price, Coast Capital founder James Rasteh said in an interview. “But SS&C is one of the best managed companies in the sector. We think this is a visionary move”.

The original bid from Vista represented a 35% premium to Blue Prism’s closing price of 832 pence on Aug. 27, the last full trading day before takeover interest in the company became public.

Hawk Ridge Capital Management, another Blue Prism shareholder, has also said it’s not happy with the price from Vista.