The company could be taken over by Silver Lake.
(Photo: IMAGO/Zoonar)
Munich The US financial investor Silver Lake has cleared the way to take over Software AG. The competitor Bain Capital, which had also promised an offer for the Darmstadt-based company through its Rocket Software holding, is giving up its efforts, as Bain announced on Monday evening.
“Unfortunately, our efforts were unsuccessful,” admitted Rocket founder and CEO Andy Youniss. Rocket will now sell its Software AG shares – 10.02 percent of the share capital – to Silver Lake for 32 euros each.
Software AG’s board of directors sided with Silver Lake. However, shareholders had waited in the face of a possible counter-offer from Bain. Now, however, Silver Lake can still hope to achieve the desired majority in Software AG.
More: Silver Lake initially relinquishes its majority stake in Software AG