Bain Capital Private Equity has made an all-cash offer to to take Swiss software management company SoftwareOne private, valuing the business at 2.9 billion Swiss francs ($3.21 billion), according to a report by Reuters.
SoftwareOne’s board has reportedly responded by saying that the offer “materially undervalues” the company and is not in its best interest or that of the majority of its shareholders.
Bain’s offer of 18.50 Swiss francs per share represents a 33% premium to the company’s closing price on 31 May, 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.
SoftwareOne, which is based in Stans, central Switzerland and helps companies manage software purchases from vendors such as Microsoft, Adobe and IBM, floated on the Swiss exchange in 2019.
The report cutes a statement by SoftwareOne as confirming that Bain’s unsolicited offer has the support of founding shareholders Daniel von Stockar, B Curti Holding and Rene Gilli, who together hold 29.1% of the company.
