KEY POINTS:
US-based medical giant Henry Schein has emerged as the mystery suitor sizing up NZX-listed Software of Excellence since late April.
The Fortune 500 company yesterday unveiled a $77.2 million takeover bid for the Auckland-based dental software company.
It will offer $2.70 for each SOE share after payment of a dividend of 3c per share.
Henry Schein claims to be the largest provider of healthcare products and services to office-based medical practitioners in North America and Europe, boasting more than 500,000 customers, nearly 12,000 staff, and net sales of US$5.15 billion ($6.9 billion) in 2006.
The company said it had entered lock-up agreements for the 18.3 per cent of SOE in the hands of co-investor Capital Partners and related parties, as well as SOE managing director Brian Weatherly's 4.7 per cent stake.
However, 90 per cent of SOE's voting rights is needed for the offer to proceed.
Henry Schein chairman and chief executive officer Stanley Bergman said it was hoped SOE's management team and infrastructure would be kept substantially intact.
The SOE board expects the formal offer documents to be sent out at the end of June, said chairman Jim Syme. SOE reported a net after-tax profit of $4.36 million for the year to March 31. It has more than 5000 dental practices in Britain, Ireland, Australia and New Zealand among its customers, and is the largest supplier of dental software in Australia and New Zealand.
ABN AmroCraigs analyst Brett Orsler stood by his comments that an offer over $3 could be required to gain 90 per cent acceptance. SOE shares closed down 3c at $2.65 yesterday.
