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Lexmark ups offer price for ReadSoft following rival bid

  • Lexmark (LXK) is now offering SEK43.00/share for Swedish document management software firm ReadSoft (RDSFF), a 7.4% increase from its original offer. The revised tender offer price values ReadSoft at $194M net of cash.
  • Lexmark's move comes after private Hyland Software made a SEK42.86/share bid for ReadSoft. Lexmark says ReadSoft's board continues to back its bid, and that it also has the support of ReadSoft's two biggest shareholders.
  • With ReadSoft shares having closed at SEK45.00 today in Stockholm (up 12.8%), investors are betting on a bidding war.
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