Software AG rises on Rocket Software's offer

Software AG

10/05/2023 07:30

** Shares in Software AG  SOWGn.DE  are up 1.5% in early
Frankfurt trade after Rocket Software announced a non-binding
offer for the acquisition of the German multinational software
firm
    ** Rocket Software, backed by private equity firm Bain
Capital, said it would offer 34 euros ($37.43) per share, after
private equity firm Silver Lake increased its offer to 32 euros
per share last week
    ** "Bidding war is alive even as Software AG is rebuffing
the proposal," a local trader says, adding "probably the last
word is not spoken yet"
    ** Software AG said Rocket Software's offer "does not
represent a superior offer", adding Silver Lake's offer is "in
the best interest of all of the company's stakeholders"

($1 = 0.9084 euros)

 (Reporting by Anna Mackenzie)
 ((Anna.mackenzie@thomsonreuters.com))