Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

NEWS

Bain Capital makes $3.2 billion offer for SoftwareOne, board says it’s too low

ZURICH (Reuters) – Bain Capital Private Equity has made an offer for SoftwareOne which values the Swiss software management company at 2.9 billion Swiss francs ($3.21 billion), Bain said on Thursday.

In its response, the SoftwareOne board said the offer “materially undervalues” the company and was not in its best interest or that of the majority of its shareholders.

Bain has made an all cash offer of 18.50 Swiss francs per share to take the company private, it said. The offer represented a 33% premium to the closing price on May 31, when it was presented to SoftwareOne’s directors.

The company’s shares, which closed at 15.17 Swiss francs on Wednesday, were up 19.8% in pre-market trade.

“The proposal is subject to the satisfactory outcome of a customary due diligence, which the Board of Directors of SoftwareOne has been asked to facilitate, as well as other customary conditions,” Bain said.

SoftwareOne, based in Stans, central Switzerland, helps companies manage software purchases from vendors such as Microsoft, Adobe and IBM. It floated on the Swiss exchange in 2019.

Bain said its proposal was supported by founding shareholders Daniel von Stockar, B Curti Holding and Rene Gilli, who together hold 29.1% of the company.

“The founding shareholders provide their full commitment to the proposed transaction and to Bain Capital as the partner for the transaction, and they expect to roll over a significant part of their investment to help facilitate it,” Bain said.

In its statement, SoftwareOne confirmed that the “indicative, unsolicited and non-binding offer from Bain Capital” it had received was supported by those shareholders. However, the board, from which von Stockar recused himself, “unanimously agreed that the proposal materially undervalues the company and is not sufficiently substantiated.”

($1 = 0.9035 Swiss francs)

 

(Reporting by John Revill; Editing by Tomasz Janowski)

 

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts