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Lexmark hikes ReadSoft offer by 16%

  • Lexmark (LXK +0.7%) is now offering SEK50/share for ReadSoft (OTCMKTS:RDSFF), 16% more than a prior offer of SEK43/share and 11% above Hyland Software's recent SEK45/share bid.
  • The new bid values ReadSoft at $224M exc. net cash. Lexmark says it still has the support of ReadSoft's founders, who own 23% of the company and 43% of its voting rights, and that it has taken a 5.3% stake on its own. Hyland has disclosed taking a 10.9% stake.
  • A new tender offer period runs through Aug. 28. ReadSoft shares have soared to SEK50.75 in Stockholm, as investors bet the bidding war for the document management software company continues.
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