SoftwareOne is still talking to Bain Capital after turning down several takeover offers from the private equity giant and fresh gossip that the deal was losing support from the board.
The statement comes after media reports that Bain’s planned buyout was “hitting the brakes”.
SoftwareOne’s statement said: “The board is still focused on driving shareholder value and acting in the best interest of the company and all stakeholders. The board hopes to finish talks and give an update on the outcome of the strategic review to shareholders by the end of the month.”
A report from Bloomberg said Bain Capital’s chase of SoftwareOne had stalled after an offer of nearly £2.7 billion got a “cold response from the software firm’s board”.
According to the report, SoftwareOne told the PE firm that the latest offer wouldn’t be enough to win support from its bosses.
At least one big SoftwareOne shareholder is said to have gotten fed up with the situation and may now take more action to pressure the company’s top brass to go for a deal, Bloomberg said.
In the summer, SoftwareOne had already said no to multiple offers from Bain.
In June 2023, it turned down a £2.5 billion deal, thinking the offer did not match the company’s real value.
Later in July, the private equity firm upped its offer to £2.8 billion but was again rejected. Since then SoftwareOne’s share price has been falling.
