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Bidding War: Hyland Ups Bid for Sweden's Readsoft Vs. Lexmark
STOCKHOLM: Business software firm Hyland said that it had raised its bid for Sweden's Readsoft, topping a bid from US printer maker Lexmark.Hyland Software was offering 45 crowns in cash per share in Readsoft, 5% above the 43 crowns offered by Lexmark on June 19, the privately held firm said, valuing Readsoft at 1.38 billion Swedish crowns ($201.36 million).
US-based Hyland added that it now controlled 10.9% of Readsoft shares.
Hyland had previously bid 42.86 crowns per share for the Swedish firm, subsequently topped by Lexmark with a bid unanimously recommended by the Readsoft board.
Shares in Readsoft rose 4.6% to 46 crowns by 0800 GMT, indicating market expectations of a continued takeover battle for Readsoft, which supplies business software for invoicing and processing sales orders.
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