SoftwareOne Says It Has Multiple Approaches to Go Private
(Bloomberg) — SoftwareOne Holding AG said it has been approached by several parties regarding a potential going-private transaction, just weeks after the Swiss company’s founders replaced the board of directors with candidates they had nominated.
The shares jumped as much as 5.8% in early trading in Zurich, the most in more than three months.
Software One has established a transaction committee, headed by newly appointed board member Till Spillmann, “to ensure an orderly follow-up,” it said in a statement on Wednesday. Committee members include all independent members of the board of directors, it said.
Founding shareholder Daniel von Stockar, elected chairman at the annual general meeting last month, has said the company is open to more bidders after the previous board rejected a CHF3 billion ($3.3 billion) takeover offer from Bain Capital in January. Bain isn’t considering a fresh offer for SoftwareOne and doesn’t plan to engage with its management or the new board, people familiar with the matter told Bloomberg at the time.
Von Stockar and fellow founders Beat Curti and René Gilli had supported Bain’s 18.80 francs-a-share proposal.
Read more: SoftwareOne Shares Rise After Board Ouster Spurs Bid Speculation
Word of renewed bidder interest came as SoftwareOne reported a 7.4% jump in first-quarter constant-currency revenue and a 1.8 percentage point increase in the adjusted earnings before interest, taxation, depreciation and amortization margin, shy of analyst estimates.
The company also confirmed its forecast for the year. Stans, Switzerland- based SoftwareOne is among the largest resellers of Microsoft Corp. software licenses, advising companies on software purchases.
The stock has been volatile this year, slumping in January after the company rebuffed Bain’s offer and vowed to remain independent. Takeover speculation has resurfaced after the board’s ouster in April, spurring share gains. SoftwareOne traded up 5.4% as of 9:31 a.m. in Zurich.
–With assistance from Allegra Catelli.
(Updates with share trading)
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