Investment advisory firm Edenbrook Capital sent a letter to the board of Canada's Absolute Software Corp saying the deal for the company to be taken private by Crosspoint Capital Partners "significantly undervalues" the firm.
Edenbrook, which has a stake of 10.4 per cent in Absolute Software, said on Thursday the "transaction is unfair to public shareholders".
Last week, Absolute Software agreed to be bought by Crosspoint for $657 mln and said its shareholders will receive $11.50 per share in cash.
Absolute Software and Crosspoint did not immediately respond to requests for comment.
Shareholders are set to vote on the acquisition at a special meeting expected to be held in late June.