Employee benefits administrator WageWorks (WAGE) - Get Report brushed off a new takeover bid from Mansa.

The company said Tuesday it received an unsolicited and non-binding letter of interest from Mansa Parent Corporation but said it "unanimously rejects" the offer.

"[...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," the company said in a statement.

In late June WageWorks agreed to an all-cash buyout by health-savings account provider HealthEquity (HQY) - Get Report valued at a little more than  $2 billion, or $51.35 a share.

The new offer from Mansa looks nominally better, but the WageWorks board saw too many unknowns. The company stated the following:

Additionally, the letter of interest references an indicative value of $58.58 per share, based in part on citing potential synergies of at least $110 million that would arise from an anticipated acquisition by Mansa of an unnamed third party technology platform. The letter offers no details on the sources of such synergies and no assurances that such acquisition would be consummated.

WageWorks has scheduled a special meeting for Wednesday to allow shareholders to vote on the HealthEquity offer.

The stock was up 0.12% at $51.37 in premarket trading.

Save 57% With Our Labor Day Sale. Join Jim Cramer's Action Alerts PLUS investment club to become a smarter investor! Click here to sign up!

Constables owns none of the securities listed in this story.