Hyland Software has raised its bid for Swedish document management software vendor ReadSoft (RDSFF) to SEK45/share. That trumps a revised SEK43.00/share offer from Lexmark (LXK +0.1%) made on June 19.
Hyland adds it now owns 10.9% of ReadSoft's shares. Its latest offer values the company at $203M net of cash.
Lexmark's June offer came after Hyland made an SEK42.86/share bid that surpassed a prior SEK39.78 offer from Lexmark. ReadSoft traded at only SEK18.44/share prior to Lexmark's original bid.
In response to Hyland's latest move, Lexmark only says it's "evaluating all of its options and will discuss with ReadSoft's Board of Directors at the appropriate time."
ReadSoft shares are trading at SEK45.90 in Stockholm.