STOCKHOLM Aug 4 U.S. software firm Hyland
raised its bid for peer Readsoft for a second time, valuing the
Swedish firm at 1.69 billion crowns ($246.4 million) and heating
up a bidding war with U.S. printer maker Lexmark.
The battle was sparked by a 42.05 crowns per share offer by
Lexmark in May, which was topped by Hyland Software. Lexmark
then raised its offer, which Hyland again topped, after which
Lexmark on July 14 raised its offer to 50 crowns.
Readsoft's shares rose 9.7 percent after the news, to 56.75
crowns at 0736 GMT, signalling that the market expects the
battle to continue.
Hyland's new offer of 55 crowns per share means a premium of
199 percent against the closing price of Readsoft's shares the
day before Lexmark's first offer. It is 37 percent higher than
Lexmark's first bid.
Ohio-based Hyland controls 10.9 percent of Readsoft.
($1 = 6.8592 Swedish Crowns)
(Reporting by Anna Ringstrom, additional reporting by Sven
Nordenstam, editing by Louise Heavens)