Bain Capital makes $3.2 bln offer for SoftwareOne, board says it’s too low

ZURICH: Bain Capital Private Equity has made an offer for SoftwareOne which values the Swiss software management company at 2.9 billion Swiss francs ($3.21 billion), Bain said on Thursday.

In its response, SoftwareOne board, said the offer “materially undervalues” the company and was not in its best interest or that of the majority of its shareholders.

Bain has made an all cash offer of 18.50 Swiss francs per share to take the company private, it said. The offer represented a 33% premium to the closing price on May 31, when it was presented to SoftwareOne’s directors.

The company’s shares, which closed at 15.17 Swiss francs on Wednesday, were up 19.8% in pre-market trade.