Bain Capital Private Equity announced it has presented an offer to acquire SoftwareOne, a Swiss software management company, with a valuation of 2.9 billion Swiss francs ($3.21 billion).
The board of SoftwareOne responded by stating that the offer significantly undervalues the company and does not align with the best interests of the majority of its shareholders.
Bain Capital has proposed an all-cash offer of 18.50 Swiss francs per share to privatize the company. This offer represents a 33 percent premium over the closing price on May 31, the date it was presented to SoftwareOne’s directors.
Pre-market trading indicated a 19.8 percent increase in the company’s shares, which closed at 15.17 Swiss francs on the previous day.
Bain Capital stated that its proposal is contingent upon the satisfactory completion of standard due diligence, which SoftwareOne’s Board of Directors has been requested to facilitate, along with other customary conditions.
SoftwareOne, headquartered in Stans, Switzerland, specializes in assisting companies in managing software purchases from prominent vendors like Microsoft, Adobe, and IBM. The company went public on the Swiss exchange in 2019.
Bain Capital highlighted that its offer has the backing of founding shareholders Daniel von Stockar, B Curti Holding, and Rene Gilli, who collectively own 29.1 percent of the company. These shareholders expressed their complete commitment to the proposed transaction and their confidence in Bain Capital as the partner for this deal.
SoftwareOne confirmed that it received the “indicative, unsolicited, and non-binding offer from Bain Capital,” supported by the aforementioned shareholders. However, the board, excluding von Stockar, unanimously concluded that the proposal significantly undervalues the company and lacks sufficient justification.
