(Reuters) – German business software developer Software AG said on Thursday it supports private-equity firm Silver Lake Management’s increased offer to buy the company for 32 euros ($35.28) per share, ending a bidding war looming over the company.
The offer values the German company at 2.37 billion euros.
Software AG has received multiple offers according to media reports but has chosen to go ahead with the first bidder – Silver Lake. Silver Lake in April offered 30 euros per share for Software AG.
Following Silver Lake’s increased bid, Software AG said it does not intend to enter into discussions with a “US competitor”.
Earlier on Thursday, Bloomberg News reported that Bain Capital has made a takeover bid for the company for around 34 euros per share.
Software AG said in a subsequent filing that the competitor’s non-binding offer was subject to specific conditions that were “not achievable”.
Silver Lake previously said in a regulatory disclosure that it had acquired additional 5% stake in Software AG, bringing its total holding in the company to over 30%.
($1 = 0.9071 euros)
(Reporting by Mrinmay Dey in Bengaluru; Editing by Frances Kerry)
