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US Fortune 500 company Henry Schein has extended its $2.70-a-share takeover bid for Software of Excellence for a further three weeks to give small shareholders more time to consider its offer.
Henry Schein's bid for the dental records software company, which is conditional on its securing 90 per cent of the company, was to close on August 17 but will now end on September 7.
Henry Schein has secured acceptances equalling 47.69 per cent of the company's stock, according to the last substantial security notice it filed.
Of that, almost half comprises stakes belonging to SoE chief executive Brian Weatherley and investment manager Co-Investor, which has a seat on the company's board and has been advising it on the transaction.
Henry Schein vice-president of investor relations Neal Goldner said his company was "modestly satisfied with where we are right now with the offer and we're optimistic we'll get to 90 per cent".
But with the company having many small individual shareholders, "we wanted to give them more time to read the offer, make sure that they have the acceptance form and that they know exactly what the offer represents".
A spokeswoman for First NZ Capital, which is acting for Henry Schein said: "We wouldn't want a Tourism Holdings debacle". Australian company MFS Living and Leisure's $2.80-a-share offer for Tourism Holdings lapsed last week after failing to reach the 90 per cent mark.
SoE's independent directors have recommended Henry Schein's bid.
ABN Amro Craigs has said the offer is "reasonable" and recommended shareholders "consider accepting".
SoE shares closed unchanged at $2.58 yesterday.
