Lexmark Fires-Off New Offer in Bidding War for ReadSoft
Lexmark International reports that it’s increased its offer price for all outstanding shares of Sweden-based ReadSoft. This is the second time the firm has increased its offer for ReadSoft, having increased its offer to 43.00 Swedish Krona (SEK), a 7.4 percent increase from its original offer of SEK 40.05.
The new offer from Lexmark is 50.00 SEK, a 16-percent increase from its previous offer of SEK 43.00, for each Class A and Class B share of ReadSoft for a price of approximately $224 million.
Lexmark made the decision to increase its offer price because it continues to believe the combination of ReadSoft with Lexmark’s Perceptive Software is a strong strategic fit and in response to a competitive offer for ReadSoft shares announced on July 7th from Hyland Software. Lexmark says its most recent offer of SEK 50.00 is 11-percent higher than the most recent competitive offer.
Lexmark also says that ReadSoft’s Board of Directors continues to unanimously recommend in favor of Lexmark. ReadSoft’s two largest shareholders, and founders of ReadSoft, representing approximately 23 percent of the shares and 43 percent of the votes in ReadSoft, also continue to support Lexmark’s offerl.
Lexmark has directly acquired shares in ReadSoft and, as a result, now owns approximately 5.3 percent of all outstanding shares in ReadSoft.
“Lexmark remains convinced that the acquisition of ReadSoft will result in a strong strategic combination,” commented Paul Rooke, Lexmark chairman and chief executive officer. “Lexmark has the financial strength, size and stability required for the business to realize its full potential and will be the best home for ReadSoft and its employees.We believe that we have presented a generous offer, which is confirmed by the strong support and commitment from ReadSoft’s founders, and the unanimous recommendation from ReadSoft’s Board of Directors.”
- Lexmark Seeking to Acquire ReadSoft, Maker of Document-Capture and Processing Solutions
- Lexmark Increases Offer for ReadSoft After Hyland Makes Bid