According to the Swiss company's board of directors, the non-binding offer from Bain Capital does not provide sufficient assurance nor adequately represent the fundamental value of SoftwareOne and is not in the best interests of the company and all stakeholders
Switzerland-based software and cloud solutions provider SoftwareOne has rejected private investment firm Bain Capital’s CHF18.8 ($21.85) per share or $3.5bn takeover bid while deciding to continue operating as a standalone publicly-listed firm.
According to the Swiss company’s board of directors, the non-binding offer does not provide sufficient assurance nor adequately represent the fundamental value of SoftwareOne.
As a result, the bid is not in the best interests of the company and all stakeholders, said the board of directors.
SoftwareOne stated: “The Board is confident in SoftwareOne’s positioning in a large and fast-growing market, underpinned by strong growth momentum, and that the company has the right leadership team and strategy in place to achieve its ambitions.
“As such, the Board is convinced that SoftwareOne is well placed to create shareholder value as a standalone public company.”
Listed on the SIX Swiss Exchange, the Swiss company helps clients to migrate and modernise their workloads and applications. SoftwareOne also allows customers to navigate and optimise the resulting software and cloud changes.
In June last year, SoftwareOne received an indicative, unsolicited and non-binding offer from Bain Capital to take full ownership of the company at CHF18.5 ($21.5) per share.
One month later, the Swiss software and cloud solutions provider received a second indicative, unsolicited and non-binding offer from Bain Capital in the range of CHF19.5-CHF20.5 ($22.67-$23.83) per share.
The company also started a strategic review process in the same month.
Last year, Bain Capital acquired Asia-Pacific hyper-scale data centre solutions provider Chindata Group in a deal that implies an equity value of about $3.16bn to Chindata.
Formed through the merger of two Bain Capital-owned data centre platforms, namely ChinData and Bridge Data Centres, Chindata Group offers carrier-neutral hyper-scale data centre solutions in Asia-Pacific emerging markets.