Bidding War: Hyland Ups Bid for Sweden's Readsoft Vs. Lexmark

[Anonymous]

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.

 

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.

 

[Author]

July 8, 2014 at 11:22 AM