STOCKHOLM, June 18 Business software firm Hyland
said on Wednesday it had made a 1.3 billion Swedish crown ($198
million) cash bid for Sweden's Readsoft, topping a
bid from printer maker Lexmark last month.
Privately held Hyland Software said in a statement it
offered 42.86 crowns per share in Readsoft, 7 percent above the
40.05 crowns offered by Lexmark on May 6.
Ohio-based Hyland, which makes software for storing and
organizing company documents, said buying Readsoft would boost
its product offering and its presence in Europe.
Shares in Readsoft rose by 10.8 percent to 44.20 crowns by
1024 GMT, above the new bid level, indicating market
expectations of a continued takeover battle for the Swedish firm
which supplies business software for invoicing and processing
Readsoft's board recommended shareholders to accept the
Lexmark bid, which offered a 118 percent premium, but had not
made an announcement over the new bid on Wednesday.
($1 = 6.6415 Swedish Kronas)
(Reporting by Sven Nordenstam; Editing by Alistair Scrutton)