Shares of Symbio Holdings have soared 18.2% to reach a 10-month peak of A$3.120, following news of a higher buyout offer the cloud communications software company received.

The takeover bid was proposed by Aussie Broadband, which saw its shares remain stable, while those of its rival Superloop rose 0.58%.

Aussie Broadband offered A$3.15 per share, surpassing Superloop’s previous proposal of A$2.91.

In response to this, Symbio granted Aussie Broadband a 15-day exclusive rights for due diligence, while Superloop announced its offer ceased on September 29.

Trading volume for Symbio vastly surpassed the 30-day average of 185,829 shares, with more than 588,000 shares changing hands.

Symbio’s shares are up 14.4% at A$3.02, a significant rise of about 29% since August 1, when Superloop first initiated its proposal.

Symbio Holdings (ASX:SYM) is a cloud communications software company.