Silver Lake secures 63% stake in Software AG after months-long pursuit (updated)

Software AG

29/06/2023 22:12

(Adds background in paragraphs 2-5)
       June 29 (Reuters) - U.S. private equity firm Silver Lake
said on Thursday it has secured a majority of 63% in Software AG
 SOWGn.DE  and intends to pursue a delisting of the business
software developer.
    Earlier this month, Bain Capital and Rocket Software sold
all their shares in Software AG to Silver Lake, helping the
company gain a 41% stake.
    The final results for the initial acceptance period is
expected to be issued on July 3, the company said. 
    Silver Lake had in April offered to buy Software AG for 30
euros per share, valuing the German software developer at 2.2
billion euros ($2.39 billion). The bid prompted a counteroffer
from Rocket Software, owned by private equity firm Bain Capital.
   In May, the software developer said it supported a sweetened
32 euros per share offer from Silver Lake for the company.
    Software AG's management and supervisory boards supported
Silver Lake despite Bain's higher offer of 36 euros per share,
drawing criticism from minority shareholders at the company's
annual general meeting last month.


($1 = 0.9206 euros)

 (Reporting by Juby Babu in Bengaluru; Editing by Shweta Agarwal
and Sriraj Kalluvila)
 ((Juby.Babu@thomsonreuters.com;))