U.S. private equity firm Silver Lake said on Thursday it has secured a majority of 63% in Software AG 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.
The final results for the initial acceptance period is expected to be issued on July 3, the company said.
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.
Software AG’s management and supervisory boards supported Silver Lake despite Bain’s higher offer of 36 euros per share, drawing criticism from minority shareholders at the company’s annual general meeting last month.
Source: Reuters.com