Since Bulletproof’s chief secretly sold his share to hostile bidder Macquarie Telecom, the telco has been hunting for better takeover offers — and now says Klikon Group is the most viable partner.

Bulletproof chairman Craig Farrow said in a letter to investors that every offer fielded so far was better than Macquarie Telecoms’ 11c a share (ASX:MAQ).

The shares (ASX:BPF) jumped 20 per cent to 14.5c in early Monday trade — despite the offers being incomplete, subject to conditions and not binding.

Several bidders have asked for more time to do due diligence.

Klikon Group, which owns managed services provider AC3 — formerly owned by the NSW government — has offered 15.2c a share cash.

Bulletproof Group shares over the past six months.

Klikon has proposed a takeover via a scheme of arrangement, a more complex method of merging two companies that involves shareholder and court approvals.

The offer is subject to conditions including finalisation of financing, a commitment by Bulletproof’s  independent board of directors to recommend the offer, and agreeing on a scheme implementation agreement, as well as exclusivity in the deal.

The Macquarie offer was extended on Friday last week and now expires on March 30.

It also took applied to the Takeovers Panel on the same day, alleging the target’s statement was misleading and deceptive.

The Bulletproof board recommends shareholders reject that offer, after an independent expert said it was neither fair nor reasonable and reflected a historical low in the price of the cloud provider’s shares (ASX:BPF).

Bulletproof’s shares were flat at 12c on Monday morning, while Macquarie Telecom’s were flat at $15.30. Both companies saw a price bump after the opening manoeuvres were made.