SoftwareOne Board Says Bain’s $3.2 Billion Offer Not Enough
- Board voted unanimously against the buyout firm’s bid
- Bain said the company’s founding shareholders backed offer
This article is for subscribers only.
SoftwareOne Holding AG’s board said Bain Capital’s 2.93 billion Swiss-franc ($3.2 billion) offer to take the IT services provider private undervalues the company, the latest hurdle in the private equity firm’s attempt to buy a European tech company.
The board, excluding founder Daniel von Stockar who recused himself, voted unanimously that the offer was not sufficiently substantiated, SoftwareOne said in a statement on Thursday.