Last Updated Saturday, November 1 2014
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Lexmark Increases Tender Offer Price for All Outstanding Shares of ReadSoft



Published July 14, 2014
Lexmark International, Inc. announced that it has increased its cash tender offer price for all of the outstanding shares of Sweden-based ReadSoft. This cash offer is Swedish krona (SEK) 50.00, a 16% increase from Lexmark’s prior offer of SEK 43.00, for each Class A and Class B share of ReadSoft for a price of approximately $224 million, net of cash acquired.
 
Lexmark made the decision to increase its tender offer price because it continues to believe the combination of ReadSoft with Lexmark’s Perceptive Software is a strong strategic fit and in response to a competitive offer for ReadSoft shares announced on July 7. This cash offer by Lexmark of SEK 50.00 is 11% higher than the most recent competitive offer.
 
ReadSoft’s Board of Directors continues to unanimously recommend in favor of Lexmark. In addition, ReadSoft’s two largest shareholders, and founders of ReadSoft, representing approximately 23% of the shares and 43% of the votes in ReadSoft, continue to support Lexmark’s offer as well.
 
Lexmark has also directly acquired shares in ReadSoft and, as a result of the acquisition of these shares, now owns approximately 5.3% of all outstanding shares in ReadSoft.
 
In connection with the increased offer price, the previous offer was withdrawn and a new offer period for ReadSoft shareholders to tender their shares will begin on or about Aug. 7 and run to Aug. 28, 2014, unless otherwise extended. Settlement of the tender offer is expected to occur around Sept. 4, 2014, after the end of the offer period.
 
“Lexmark remains convinced that the acquisition of ReadSoft will result in a strong strategic combination,” said Paul Rooke, Lexmark chairman and CEO. “Lexmark has the financial strength, size and stability required for the business to realize its full potential and will be the best home for ReadSoft and its employees.
 
“We believe that we have presented a generous offer, which is confirmed by the strong support and commitment from ReadSoft’s founders, and the unanimous recommendation from ReadSoft’s Board of Directors,” added Rooke.


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