KEY POINTS:
With less than a week to go, US Fortune 500 company Henry Schein's takeover offer for Software of Excellence (SOE) is tantalisingly close to the mark.
According to a sharemarket notice yesterday Henry Schein's offer, which was raised from $2.70 to $2.90 two weeks ago, now has acceptances equal to 88 per cent of SOE's shares.
The offer, which closes on Saturday, is conditional on receiving 90 per cent acceptances which will allow it to compulsorily mop up the remaining minority shareholders and delist the dental software company.
Henry Schein's chances of reaching its target were done no harm by Software of Excellence's announcement last week that its September half net profit was likely to be as much as 51 per cent below the same period a year ago mainly due to the impact of the New Zealand dollar's strength against the British pound.
The company said while exchange rates had recently returned to 2006/07 levels, "a big portion of the interim period had been translated at much higher rates".
SOE derives 85 per cent of its revenue in the market in the UK.
The impact of the unfavourable exchange rate on the company's performance was one of the reasons SOE's independent directors gave for recommending Henry Schein's offer to shareholders, even before it was raised.
SOE shares closed unchanged at $2.85 yesterday.
