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The shareholders are offered 30 euros per share certificate, as the company announced on Saturday night. The company would be worth 2.2 billion euros to Silverlake. The closing price of the SDAX-listed company was EUR 19.85 on Friday.
The takeover bid is subject to a minimum acceptance threshold of 50 percent plus one Software AG share. Silverlake has more or less secured part of it. In February 2002, for example, the investor purchased convertible bonds from Software AG for EUR 344 million, which after the conversion would account for around nine of the Software AG shares issued.
In addition, by far the largest shareholder, the Software AG Foundation, has signed an agreement to sell 25.1 percent of Software AG shares to Silver Lake. The foundation, which most recently held almost a third of the company, fully supports the takeover bid. According to the information, the board of directors and the supervisory board of the Darmstadt-based company want to recommend that the shareholders accept the takeover offer.
In a further statement, Software AG confirmed “for all key figures the forecasts for the full year 2023”. The forecast figures for the first quarter also correspond to market expectations. Full financial results will be released on April 27th as previously announced.
Leverage must be between 2 and 20
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