Software AG supports Silver Lake's improved bid (updated)

Software AG

04/05/2023 19:02

(Adds details, background in paragraphs 2 to 8)
       May 4 (Reuters) - German business software developer
Software AG  SOWGn.DE  said on Thursday it supports
private-equity firm Silver Lake Management's increased offer to
buy the company for 32 euros ($35.28) per share, ending a
bidding war looming over the company.
    The offer values the German company at 2.37 billion euros.
    Software AG has received multiple offers according to media
reports but has chosen to go ahead with the first bidder -
Silver Lake. Silver Lake in April offered 30 euros per share for
Software AG.
    Following Silver Lake's increased bid, Software AG said it
does not intend to enter into discussions with a "US
competitor".
        Earlier on Thursday, Bloomberg News reported that Bain
Capital has made a takeover bid for the company for around 34
euros per share.
    Software AG said in a subsequent filing that the
competitor's non-binding offer was subject to specific
conditions that were "not achievable".
        Silver Lake previously said in a regulatory disclosure
that it had acquired additional 5% stake in Software AG,
bringing its total holding in the company to over 30%.

($1 = 0.9071 euros)

 (Reporting by Mrinmay Dey in Bengaluru
Editing by Frances Kerry)
 ((Mrinmay.Dey@thomsonreuters.com;))