August 7, 2014 / 8:51 AM / 3 years ago

Readsoft board recommends latest Lexmark bid

STOCKHOLM, Aug 7 (Reuters) - Swedish software firm Readsoft’s board of directors said on Thursday it recommends shareholders to accept Lexmark’s latest bid of 55.50 crowns per share.

Lexmark, in a bidding war for Readsoft with Ohio-based software developer Hyland, raised on Tuesday its offer to 55.50 Swedish crowns per Readsoft share ($8.04), an 11 percent increase from an earlier bid made in July.

Hyland’s latest bid stands at 55 crowns per share.

In a separate statement, Lexmark said the company had bought an additional 3.8 percent of shares in Readsoft.

Including Lexmark’s latest acquisition of shares and assuming it buys a stake from Readsoft’s two founders - who have said they support the bid - its holding reaches 31.9 percent of shares and 49.6 percent of votes.

Readsoft Chairman Goran Larsson said earlier this week that both firms would make good owners, and that the outcome of the battle would be down to price.

1 US dollar = 6.9028 Swedish crown Reporting by Helena Soderpalm, editing by Mia Shanley

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