SoftwareOne Holding AG, a global software and cloud solutions provider headquartered in Switzerland, has confirmed that it has received an indicative, unsolicited and non-binding offer from Bain Capital for the acquisition of 100% of the company at CHF 18.50 (the Swiss franc) per share, subject to various conditions.
The Board also confirms that the indicative offer, of approximately $3.2 billion, is supported by Daniel von Stockar, B. Curti Holding AG, and René Gilli, together holding approximately 29% of the company’s share capital (together with Bain Capital).
The Board, excluding Daniel von Stockar who had recused himself unanimously agreed that the proposal materially undervalues the company and is not sufficiently substantiated. As a result, the Board concluded the proposal is not in the best interest of the company and the majority of its shareholders.
Earlier this year, the Board unanimously voted to appoint Brian Duffy as CEO, and shareholders elected Adam Warby as Chairman, to transition the company into a new phase of growth and operational excellence and drive future value creation. The Board is confident in the progress made to date and is convinced this further underpins the Board’s view that the offer significantly undervalues the current and future valuation of the company.
SoftwareOne remains fully focused on delivering its strategy and the successful execution of its operational excellence program to drive growth and efficiencies across the organization and enable re-investment into strategic growth areas, with the aim of delivering profitable growth and long-term value for all shareholders.