Higher offer from MIG, but board supporting the IMI offer.
The story began in May when India's IMImobile began discussions for a buy-out at a proposed price of 141p per WIN ordinary share.
It wanted to acquire 18.56 per cent stake owned by AXA IM to take its holding to 20.93 per cent as it already owns 2.37 per cent in the AIM-listed firm.
But last week MIG and ECI Partners came in with a higher offer of at least 150p per ordinary share subject to due diligence and the recommendation of the WIN board.
Nevertheless, the WIN board is still recommending the cash offer of 141p by IMImobile Europe.
The first closing date of the IMImobile offer is today.
WIN provides managed services around content, billing and messaging and has a client base including Vodafone, O2, Sony Ericsson and Cosmote Romania.
The UK firm is also very active in enterprise-based mobile services, which may be why MIG and IMI are so interested.
It posted a pre-tax profit in March of £398,000, compared to a £760,000 loss in 2008.