SoftwareOne has snubbed Bain Capital’s second acquisition offer and is now apparently considering what it will do with its life.
The private equity firm offer of £2.8 billion after its initial bid of £2.5 billion was rejected for materially undervaluing SoftwareOne.
“The board unanimously agreed that the second indicative offer does not adequately value the company and is not in the best interest of SoftwareOne and the majority of its shareholders,” the group said in a statement.
The Switzerland-based company has now initiated a strategic review process to ensure it has considered all options for value creation, including continuing to operate as a public company, a merger or sale, as well as other possible strategic transactions.
SoftwareOne delivered group revenue growth of 14 per cent year on year to £909 million in its full-year 2022 results.
In response to the second indicative offer by Bain Capital, the board believes a strategic review of all potential options that drive value is in the best interest of SoftwareOne and all shareholders.
“The board is open to proactively discuss options that substantially reflect the fundamental value of the company, including with Bain Capital. At the same time, the board will actively look at other options for value creation,” SoftwareOne said.
