Lexmark makes 1.2 bln SEK cash bid for Sweden's Readsoft
STOCKHOLM May 6 (Reuters) - U.S. group Lexmark International said on Tuesday it had made a 1.2 billion crown ($183.20 million) cash bid for Sweden's Readsoft that was unanimously recommended by the software company's board.
Lexmark, which sells laser printers and imaging software, is offering 40.05 Swedish crowns per share in Readsoft, which supplies business software for invoicing and processing sales orders. The bid offers a premium of 118 percent over Readsoft's closing price on Monday.
"Readsoft is a great strategic fit, solidifying our position in the fast growing market for content and process management software solutions," Lexmark CEO and Chairman Paul Rooke said in a statement.
Readsoft founders, Lars Appelstal and Jan Andersson, with 22.9 percent of shares and 41.5 percent of the votes in ReadSoft, have agreed to the bid.
Shares of Readsoft rose 111 percent to 38.80 crowns in early trading.
Lexmark, which has quit its original inkjet printer and other hardware business to focus via acquisitions on laser printers and software in recent years, said the bid was conditional upon owners of more than 90 percent of the shares in accepting the bid. ($1 = 6.5502 Swedish Crowns) (Reporting by Johannes Hellstrom; Editing by Sophie Walker)
Trending On Reuters
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video