US-based private equity firm Silver Lake says that it has acquired more than 63% of business process management, data management, and consulting services firm Software AG shares, and intends to delist the company following the close of a €2.4 billion takeover bid.
According to a report filed earlier today by Reuters, Software AG’s takeover involved a bidding war between Rocket Software, a Software AG competitor owned by private equity firm Bain Capital, and Silver Lake.
In April, Silver Lake’s offer came in at €30/share, providing Software AG with a €2.2 billion valuation. Rocket Software then countered and the horse was off to the races.
Despite Bain/Rocket’s offer of €36/share, by May, Software AG would reveal that it was in favour of Silver Lake’s increased offer of €32/share, much to the chagrin of minority shareholders.
Silver Lake plans to publish the results of the first acceptance period on Monday and give Software AG shareholders until July 17 to tender their shares.
In line with Silver Lake’s established ethos, the firm intends to delist Software AG as soon as possible.