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Siemens Makes Second Run for Control of IBS in $59 Million Bid

Feb. 7 (Bloomberg) -- Siemens AG attempted a second takeover bid of German automation-software maker IBS AG that values the target at about 44.85 million euros ($59.44 million), almost five years after its first overture was rejected.

Siemens is offering 6.1 euros in cash for each share of IBS that it doesn’t already own, the Munich-based company said in a statement today. That’s 33 percent more than IBS’s closing share price today. IBS management backs the bid, and Siemens has signed an accord with owners of 51 percent of the stock.

Europe’s largest engineering company failed to gain control of IBS in June 2007 when Siemens fell short of the minimum 75 percent backing from shareholders necessary for the takeover to succeed. Siemens said today’s it’s striving for the same acceptance threshold, and has secured backing from 64 percent of all IBS shareholders. Siemens already owns 8 percent, it said.

To contact the reporter on this story: Benedikt Kammel in Berlin at bkammel@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net

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