Predictive text specialist Zi Corporation’s board is rejecting a $20 million buyout offer by Nuance Communications, saying it’s too low.

On Nov. 26, Nuance made a conditional offer to buy Zi’s shares for 40 cents. Zi established a special committee to review the offer, and its board unanimously decided to reject it.

The Canadian company said it is rejecting the offer in part because all previous offers by Nuance to acquire the company were higher than the present offer, and the present offer isn’t fair to Zi shareholders. Nuance made an earlier offer of $40 million before the latest financial crisis hit.

In its last quarterly report, Zit set a revenue record of $4.2 million. Zi’s products are featured on more than 1,000 handset models.