Lexmark Steps up Bidding War for ReadSoft, Increases Offer Price


Lexmark International reports that it’s increased its offer price for all outstanding shares of Sweden-based ReadSoft. This cash offer is Swedish Krona (SEK) 55.50, an 11 percent increase from Lexmark’s July 14th offer of SEK 50.00 for each Class A and Class B share of ReadSoft, for a price of approximately $248 million.

The firm says it 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 – made by Hyland Software – announced on August 4th.

ReadSoft’s board of directors has agreed to continue to recommend in favor of Lexmark’s revised offer. In addition, the undertaking by ReadSoft’s two largest shareholders to tender their shares to Lexmark extends to Lexmark’s revised tender offer.

The offer period for ReadSoft shareholders to tender their shares will begin on or about August 7th and runs to August 28, 2014, unless otherwise extended. Settlement of the tender offer is expected to occur around September 4, 2014, after the end of the offer period.


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