WageWorks Inc. said Tuesday it has received an unsolicited letter of interest from Mansa Parent Corp. that values the company at $58.58 a share. The company said its board has reviewed the letter and unanimously concluded that it "contains significant contingencies and is not reasonably expected to result in a superior proposal under the terms of WageWorks' previously announced merger with HealthEquity Inc. /zigman2/quotes/210521638/composite HQY +1.94% ." The board further concluded that the offer "does not constitute a true and serious proposal." The share price on offer is based on potential synergies of at least $110 million that would be generated from an acquisition by Mansa. The HealthEquity all-cash bid made in June values WageWorks at $51.35 per share, or a total enterprise value of about $2 billion. The all-cash offer represents a 28% premium to the volume weighted average closing price of WageWorks shares for the 30 trading days prior to HealthEquity's acquisition proposal becoming public on April 29, 2019. WageWorks is holding a special meeting on Aug. 28 to allow shareholders to vote on that bid. Shares were up 0.4% premarket but have gained 89% in 2019, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.04% has gained 15%.