(Reuters) -Rocket Software on Tuesday announced an improved offer for the acquisition of the entire share capital of Germany’s Software AG at an initial offer price of 34 euros per share ($37.43).
The non-binding offer from Rocket Software, which is backed by private equity firm Bain Capital, comes after a bidding war for the German software company emerged last week.
On Thursday, Software AG said it supports an increased bid from its first bidder private equity firm Silver Lake for 32 euros ($35.28) per share, which values the German company at 2.37 billion euros.
Rocket Software said its latest offer “would be a more compelling opportunity for Software AG’s employees, customers, and other stakeholders, and will deliver a superior outcome for Software AG’s shareholders.”
Silver Lake originally announced an investment of 344 million euros in the software company in December 2021 via a convertible bond, and has board representation at the firm.
The Boston, Massachusetts-based Rocket Software offers software solutions to enterprises across all industries, to help with IT challenges across infrastructure, data, and applications.
German multinational software firm Software AG, which is listed in Frankfurt, develops enterprise software for business process management, integration, and big data analytics.
($1 = 0.9084 euros)
(Reporting by Emma-Victoria Farr in Frankfurt and Urvi Dugar in BengaluruEditing by Chris Reese and Aurora Ellis)
