Following an extensive review conducted in July 2023, SoftwareOne, the Swiss provider of software and cloud solutions, has decided to maintain its autonomy as a standalone public company. The company’s board unanimously rejected a non-binding offer from private equity firm, Bain Capital, stating that the proposal did not provide sufficient assurance and did not accurately reflect the true value of SoftwareOne.
Firm Belief in Independence Despite Potential Acquisition
The board’s decision was based on a firm belief in SoftwareOne’s position and leadership team to create value for shareholders independently. Despite Bain Capital’s offer, valuing SoftwareOne at 2.98 billion Swiss francs ($3.5 billion), the company has chosen to remain independent. This decision comes after months of negotiations with the private equity bidder and demonstrates the company’s confidence in its ability to thrive on its own.
Prior Negotiations and Strategic Review
Bain Capital’s non-binding offer, which was equivalent to 18.8 francs per share, was not the first proposal from the firm. In July, SoftwareOne rejected a previous bid from Bain, which proposed a valuation of up to 20.5 francs per share. Instead of accepting the offer, SoftwareOne initiated a strategic review to explore different options for the business, including a public auction.
SoftwareOne’s Future Plans
Moving forward, the company has announced plans to host a Capital Markets Day on February 15. This event will serve as a platform to present full-year results, provide an outlook for 2024, offer medium-term guidance, and share insights into its strategic direction. The decision to remain independent aligns with other financial activities taking place globally, such as speculation about a potential merger between Deutsche Bank and Commerzbank, Greece’s preparations for the sale of a stake in Athens International Airport, and other significant financial movements.
