Lexmark Boosts Offer For ReadSoft

(RTTNews) - Lexmark International, Inc. (LXK) said Wednesday that it will increase its cash tender offer price for all of the outstanding shares of Sweden-based ReadSoft in response to a competitive offer from Hyland Software UK Ltd. announced earlier today.

The revised cash offer is SEK 43.00, a 7.4% increase from Lexmark's original offer of SEK 40.05, for each Class A and Class B share of ReadSoft for a price of about $194 million, net of cash acquired.

Pursuant to the deal agreement, ReadSoft's Board of Directors has agreed to continue to recommend in favor of Lexmark's revised tender offer. In addition, ReadSoft's two largest shareholders continue to support Lexmark's revised tender offer.

Lexmark also said it will extend the offer period for ReadSoft shareholders to tender their shares to on or about July 14.

Hyland UK had offered SEK 42.86 in cash per share in ReadSoft, irrespective of share class.