The new majority owner wants to take the group off the stock exchange as soon as possible.
(Photo: IMAGO/HEN-FOTO)
Munich The US technology investor Silver Lake has reached its goal of acquiring Darmstadt-based Software AG. At the end of the offer period on Wednesday, the investment company secured more than 63 percent of Software AG shares and thus still secured the majority, as Silver Lake announced on Thursday evening.
Silver Lake had long had to worry about the takeover, which would cost up to 2.4 billion euros, after its rival Bain Capital had announced a higher counter-offer. Ultimately, however, Bain Capital gave in and sold its 10 percent stake in Silver Lake – a signal for many other shareholders to do the same.
From Tuesday to July 17, the remaining shareholders will have a second chance to tender their Software AG shares to Silver Lake for EUR 32 each. The new majority owner wants Software AG to be taken off the stock exchange as quickly as possible in order to tackle the restructuring without the pressure from the capital markets. The Management Board of Software AG also backed the financial investor’s plan, as did company founder Peter Schnell, whose Software AG Foundation sold 25 percent of the shares in Silver Lake.
Software AG shares closed on Thursday at EUR 31.70, just below the takeover bid.
More: Software takeover battle called off – Bain Capital sells shares in Silver Lake