SoftwareOne has declined an acquisition offer from Bain Capital, stating that the proposal significantly undervalues the valuation of the company.
Bain Capital had proposed to purchase all company shares at CHF 18.50 (£16) each, contingent on various conditions.
In a unanimous decision this year, the board appointed Brian Duffy as CEO and Adam Warby as chairman to spearhead growth and boost future value.
“The Board is confident in the progress made to date and is convinced this further underpins the Board’s view that the offer significantly undervalues the current and future valuation of the company,” SoftwareOne explained.
This rejection comes as SoftwareOne started 2023 on a high note, reporting an 8.7% revenue increase to CHF 239.4m (£213.3m) in Q1, driven by the growth of its core businesses.
