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☆ Silver Lake secures 63% stake in Software AG after months-long pursuit
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - U.S. private equity firm Silver Lake said on Thursday it has secured a majority of 63% in Software AG (SOWGn.DE) and intends to pursue a delisting of the business software developer. Earlier this month, Bain Capital and Rocket Software sold all their shares in Software AG to Silver Lake, helping the company gain a 41% stake. Silver Lake had in April offered to buy Software AG for 30 euros per share, valuing the German software developer at 2.2 billion euros ($2.39 billion). The bid prompted a counteroffer from Rocket Software, owned by private equity firm Bain Capital. In May, the software developer said it supported a sweetened 32 euros per share offer from Silver Lake for the company.

Persons: Silver Lake, Silver, Juby Babu, Shweta Agarwal, Sriraj Organizations: Silver, Software AG, Bain Capital, Rocket Software, Software, Silver Lake, Thomson Locations: Silver, Bengaluru

☆ Rocket gives up counteroffer for Software AG, sells stake to Silver Lake
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +1 min

BERLIN, June 19 (Reuters) - Rocket Software said on Monday it was giving up its counteroffer for Software AG (SOWGn.DE) and selling its stake in the company to U.S. financial investor Silver Lake instead. Silver Lake had in April announced a 2.4 billion euro ($2.62 billion) takeover bid for Software AG, prompting a counteroffer from Rocket Software which is owned by private equity firm Bain Capital. "Unfortunately, we were not successful in our efforts," Rocket Software chairman Andy Youniss said in a statement. Rocket would sell and transfer its entire stake of 10.02% in Software AG for 32 euros per share, the company said. Silver Lake said it had as such now secured 41% of shares in Software AG, noting its cash offer to other Software AG shareholders remained open until June 28.

Persons: Silver Lake, Silver, Andy Youniss, Christian Lucas, Alexander Huebner, Sarah Marsh, Jonathan Oatis Organizations: Rocket Software, Software AG, Rocket, Bain Capital, Software, EMEA, Thomson Locations: BERLIN, Sofware, Silver

A clash of private equity titansIn most years, the $2.7 billion takeover of a German software company wouldn’t attract much attention. Silver Lake on Wednesday kicked off a tender offer for Software AG shares, at 32 euros ($34.60) a share. Together with a 5 percent stake that the firm acquired in the open market, Silver Lake owns about 30 percent of the German company. (That campaign led Silver Lake to increase its takeover bid from €30 a share.) It is rare to see private equity firms, which generally seek friendly deals, pursuing an unsolicited takeover offer that management has opposed.

☆ Silver Lake submits offer document for Software AG
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

BERLIN, May 17 (Reuters) - Silver Lake officially submitted its offer document for Software AG (SOWGn.DE) on Wednesday, almost a month after announcing a 2.4 billion euro ($2.64 billion) takeover bid. In its offer document, Silver Lake reiterated that it intends to delist Software AG as soon as practically possible after the transaction. It has secured 30.1% of the share capital through a binding agreement with company founder Peter Schnell's Software AG Foundation, a charitable foundation and longstanding anchor shareholder, and through purchases on the stock exchange. Software AG's management and supervisory boards support Silver Lake despite Bain's higher offer, drawing criticism from minority shareholders at the company's annual general meeting on Wednesday. Software AG's chairman of the board of directors, Silver Lake partner Christian Lucas, was absent from the AGM which was run by an external lawyer.

Private equity firm Silver Lake has offered to buy Software AG for 32 euros per share, valuing the German software developer at 2.37 billion euros ($2.61 billion) and said it plans to take the company private. Software AG has backed the Silver Lake offer despite a higher 34-euro a share non-binding bid coming in from Bain-backed Rocket Software earlier this month. Some investors argue that the Silver Lake offer undervalues Software AG and that minorities never fare well in delistings. Software AG has faced criticism from shareholders over its handling of the sales process. Software AG, Rocket Software and Silver Lake all declined to comment.

☆ Silver Lake reiterates offer in battle for Software AG takeover
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

BERLIN, May 10 (Reuters) - Silver Lake appeared unshaken in the battle to acquire Software AG (SOWGn.DE) on Wednesday, reiterating in a statement its offer of 32 euros ($35.23) per share for the German company. Rival Bain Capital via its portfolio firm Rocket Software has offered up to 36 euros per share for Software AG. "Silver Lake reiterates its conviction in the attractiveness of its previously announced offer of EUR 32.00 per share of Software AG, to whose stated strategy and whose status as an independent, Darmstadt-based company Silver Lake remains fully committed," Silver Lake said in a statement. Software AG said on Tuesday night that Silver Lake's offer presented a high degree of transaction security in addition to a significant premium for shareholders. ($1 = 0.9084 euros)Reporting by Hakan Ersen, Writing by Rachel More, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ Rocket Software offers improved bid to acquire Germany's Software AG
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

May 9 (Reuters) - Rocket Software on Tuesday announced an improved offer for the acquisition of the entire share capital of Germany's Software AG (SOWGn.DE) at an initial offer price of 34 euros per share ($37.43). The non-binding offer from Rocket Software, which is backed by private equity firm Bain Capital, comes after a bidding war for the German software company emerged last week. Rocket Software said its latest offer "would be a more compelling opportunity for Software AG’s employees, customers, and other stakeholders, and will deliver a superior outcome for Software AG’s shareholders." The Boston, Massachusetts-based Rocket Software offers software solutions to enterprises across all industries, to help with IT challenges across infrastructure, data, and applications. German multinational software firm Software AG, which is listed in Frankfurt, develops enterprise software for business process management, integration, and big data analytics.

☆ Silver Lake adds to Software AG stake amid acquisition bid
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +1 min

Silver Lake said in a regulatory disclosure that it had acquired a 5% stake in Software AG at or below its acquisition bid of 30 euros per share from existing shareholders. This adds to its agreement to buy a 25.1% stake in Software AG from a charitable foundation that is the principal shareholder in the company. The consummation of that agreement is not subject to Silver Lake's offer being accepted by a majority of Software AG's shareholders, Silver Lake said. Software AG has said it is "highly supportive" of Silver Lake's offer and intends to recommend it to the company's shareholders. Silver Lake also disclosed on Friday that it had secured debt financing for its offer for Software AG.

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