STOCKHOLM May 6 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
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
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
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)