SoftwareOne shuts down Bain Capital's hopes for takeover

An independent valuation and expert advice helped inform the decision, reseller said

SoftwareOne has rejected a takeover bid from private equity firm Bain Capital, opting to remain an independent company after its strategic review.

The global software and cloud solutions provider's board of directors considered options for value creation, including a potential sale of the company in the strategic review that started in July 2023.

Following a comprehensive due diligence process, PE firm Bain Capital submitted a non-binding offer to acquire SoftwareOne for CHF 18.80 per share.

However, the board determined that Bain's proposal neither provided sufficient certainty nor reflected SoftwareOne's full value.

With support from an independent valuation and expert advice , the board unanimously agreed rejecting Bain's bid was in the best interest of the company and stakeholders.

"The board is confident in SoftwareOne's positioning in a large and fast-growing market, underpinned by strong growth momentum, and that the company has the right leadership team and strategy in place to achieve its ambitions.," a statement from SoftwareOne read.

"As such, the board is convinced that SoftwareOne is well placed to create shareholder value as a standalone public company."

A tale of offers and rejections

Earlier this month, SoftwareOne revealed it was still in discussions with Bain for a potential acquisition.

But the tale begun in June 2023, when the firm first refused a CHF 2.7bn (£2.5bn) deal believing the offer did not match the company's actual value.

Later in July, the private equity firm raised its offer to CHF 3.2bn (£2.8bn), but was yet again denied.

This is the latest rejection to Bain's attempts to acquire the IT reseller.