Lexington, KY – Lexington-based Lexmark International has once again increased its offer for outstanding shares of a publicly traded Swedish company it has been trying to purchase since May.
This is the fourth such offer for stock in ReadSoft, a company that operates in 70 countries and has more than 12,000 customers worldwide including BASF, Siemens, Bosch, HSBC, ING, Lego and John Deere. The company has 625 employees and reported revenue of $117 million in 2013.
Today’s news calls for Lexmark to offer 55.50 Swedish Krona (SEK), a total of $248 million in US Dollars up from a SEK 55.00 offer yesterday by the British subsidiary of an Ohio-based company which has secured more than 10 percent of ReadSoft stock.
Lexmark has announced offers of $182 million, $194 million and $224 in attempts to purchase ReadSoft since May. Within a month of each offer, rival suitor Hyland UK has stepped in to offer more for the outstanding shares of ReadSoft.
“Lexmark made the decision to increase its tender offer price because it continues to believe the combination of ReadSoft with Lexmark's Perceptive Software is a strong strategic fit and in response to a competitive offer for ReadSoft shares announced on Aug. 4,” a release from Lexmark states.
"We remain convinced that the acquisition by Lexmark is the best strategic, long-term fit for ReadSoft and its employees," Lexmark Chairman and CEO Paul Rooke said in the release.
"We have presented a compelling offer to ReadSoft shareholders, which is confirmed by the undertaking of ReadSoft's founders to tender their shares to Lexmark, and the unanimous recommendation from ReadSoft's Board of Directors," added Rooke.
The offer period for ReadSoft shareholders to tender their shares will begin on or about Aug. 7 and run to Aug. 28, 2014, unless otherwise extended. Settlement of the tender offer is expected to occur around Sept. 4, 2014, after the end of the offer period, if this volley proves successful.