Hyland Feels it Has Voided Lexmark's Current Offer for ReadSoft

Share This Post

Share on linkedin
Share on twitter
Share on email

Lexmark’s original offer for ReadSoft includes the following statement: “Completion of the Offer is conditional upon:

1. the Offer being accepted to such an extent that Lexmark International Technology becomes the owner of shares representing more than 90% of the shares in ReadSoft.”

Which is why Hyland made such a big deal out of the fact that prior to making their new offer, it had acquired almost 11% of ReadSoft’s shares. I recently caught up with Lars Wahlström, who is based in Sweden and advising Hyland on its bid for ReadSoft.

If you remember, there was also a provision in the Lexmark bid that said that the ReadSoft board could not consider another offer unless it was 7% higher than the Lexmark offer, which Hyland tried once. Hyland is now of the opinion that ReadSoft will have to respond to their new bid, even though its only 4.7% higher than Lexmark’s second bid- because as Hyland is considered, Lexmark’s offer should now be off the table due to the 90% rule.

Hyland’s official offer document is due to come out on Monday. We expect to hear more after that, from ReadSoft, Lexmark, or both.

 

Subscribe To Our Newsletter

Get updates and learn from the best

Latest Blog Articles