SoftwareOne Drops 13% After Rejecting $3.5 Billion Takeover Bid
- Bain offered the equivalent of 18.8 Swiss francs per share
- Company has been in negotiations with Bain for several months
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SoftwareOne Holding AG shares fell the most in almost two years after the Swiss IT company rejected an offer from Bain Capital that valued it at 2.98 billion Swiss francs ($3.5 billion), ending months of negotiations.
The board unanimously voted to remain independent after Bain offered the equivalent of 18.8 francs per share, SoftwareOne said in a statement on Monday. Shares have slumped after the company in July rejected a Bain bid of as much as 20.5 francs per share and instead started a strategic review to weigh different options for the business.