KEY POINTS:
United States-based Fortune 500 company Henry Schein has lifted its offer for dental software company Software of Excellence International Ltd.
Henry Schein today said it had increased its offer price to $2.90 a share from the $2.70 a share previously offered.
"This change has been made following our own careful assessment of the current market," Henry Schein said.
Under the terms of the offer, the increased price of $2.90 cash per share would be payable to all SOE shareholders.
The offer had been endorsed by the SOE board and acceptances had already been received from about 62 per cent of SOE shareholders, Henry Schein said.
The offer remained conditional upon Henry Schein holding or controlling more than 90 per cent of the voting rights in SOE.
"Henry Schein reiterates that it has no intention of having a portion of SOE remain publicly traded," the company said.
The closing date for the offer remained September 29.
Henry Schein said the increased offer price represented a significant 50 per cent premium based on the 30-day volume weighted average price of SOE shares immediately before the announcement of the conditional takeover proposal;
It was at the top end of the $2.70-$2.91 valuation range determined by SOE's independent adviser; and was significantly above the research valuation and target price of $2.54 produced by ABN AMRO Craigs.
SOE shares were up 31c in early trade today to $2.81.
- NZPA
