Monday 21st July, 2014

On 6th May this year Lexmark International made a $182 million cash offer for Sweden-based ReadSoft. Since then the company has increased its cash tender offer price for all of the outstanding shares of ReadSoft by 16%.

According to Reuters, Hyland Software is also interested in ReadSoft, and Lexmark’s increase in offer price is essentially to counter its bids. Hyland Software made an offer on 18th June, 2014 and said; "buying Readsoft would boost its product offering and its presence in Europe."

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.

The previous Lexmark offer was withdrawn and a new offer period for ReadSoft shareholders to tender their shares will begin on or about 7th August  and run to 28th August 2014, unless otherwise extended.