Germany’s Software AG offers €15 in cash for each remaining IDS Scheer share

Monday, August 17, 2009

Software AG offers to buy remaining Scheer shares

FRANKFURT — Germany’s Software AG said Monday it was offering euro15 ($21.15) a share in cash for all the outstanding stock of fellow software company IDS Scheer AG after announcing in July it intended to acquire the company.

Darmstadt-based Software AG said in a statement the offer would start Monday and run until September 18.

Software AG said it already held 62 percent of the Saarbruecken-based company after last month initially announcing the offer, valued at about euro490 million ($689.53 million).

Software AG said it expected no additional conditions from Germany’s competition authorities.

“Software AG therefore expects that the takeover can be completed immediately following the end of the acceptance period,” its statement said.

Germany’s second largest software company after SAP AG, Software AG makes operational software for businesses, governments and health care and educational groups. It said it was making the acquisition to increase its market presence and global competitiveness, creating a company with more than 6,000 employees and with over euro1 billion in revenue.

Scheer has American offices in Atlanta, Ga.; Berwyn, Pa.; and Mountain View, Calif.

Shares of Software AG closed down 2.1 percent at euro53.89, while shares of IDS Scheer ended down a third of a percent at euro14.95 in Frankfurt.

On the Net:

will not be displayed