Rocket Software offers improved bid to acquire Germany's Software AG (updated)

Software AG

09/05/2023 19:50

(Adds further detail, context)
       May 9 (Reuters) - Rocket Software on Tuesday announced
an improved offer for the acquisition of the entire share
capital of Germany's Software AG  SOWGn.DE  at an initial offer
price of 34 euros per share ($37.43).
    The non-binding offer from Rocket Software, which is backed
by private equity firm Bain Capital, comes after a bidding war
for the German software company emerged last week.
    On Thursday, Software AG said it supports an increased bid
from its first bidder private equity firm Silver Lake for 32
euros ($35.28) per share, which values the German company at
2.37 billion euros.
    Rocket Software said its latest offer "would be a more
compelling opportunity for Software AG’s employees, customers,
and other stakeholders, and will deliver a superior outcome for
Software AG’s shareholders."
    Silver Lake originally announced an investment of 344
million euros in the software company in December 2021 via a
convertible bond, and has board representation at the firm.
    The Boston, Massachusetts-based Rocket Software offers
software solutions to enterprises across all industries, to help
with IT challenges across infrastructure, data, and
applications. 
        German multinational software firm Software AG, which is
listed in Frankfurt, develops enterprise software for business
process management, integration, and big data analytics.
  
        
  
($1 = 0.9084 euros)

 (Reporting by Emma-Victoria Farr in Frankfurt and Urvi Dugar in
Bengaluru
Editing by Chris Reese and Aurora Ellis)
 ((UrviManoj.Dugar@thomsonreuters.com;))