Supply chain software maker i2 Technologies Inc. [ITWO] remains on the block, though its board of directors has extended the time frame for its review of strategic alternatives. Originally expected to be completed by the end of January, i2 on Thursday said the review process generated "credible interest in a variety of strategic options," and as a result the board agreed to prolong the review so it could thoroughly consider all options. It did not provide a timetable for when it expects the review to conclude.

In a research report Friday, JMP Securities analyst Patrick Walravens speculated that i2 is still trying to evaluate whether any bids it has received fairly value the company.

"We think i2 may have received a low-ball acquisition bid representing only a modest premium," Walravens wrote. "In a sale process, the ultimate value of a company may be determined not by a sum of the parts or a comparable companies valuation but rather what a strategic buyer is willing to pay."

A low bid may not be acceptable to i2 chairman Sanjiv Sidhu, who owns roughly 21% of the company, Walravens said. The strategic review committee must proceed carefully to ensure that any sale it recommends would be approved by a majority of shareholders.

Closing Friday $13.00, i2 Technologies has a market capitalization of $279 million. - David Shabelman

See Feb. 7 statement from i2 Technologies
See Oct. 5 story from Tech Confidential