SoftwareOne founding shareholders win power struggle
Published: Thursday, Apr 18th 2024, 17:01
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A bang for the IT service provider SoftwareOne. The current Board of Directors was almost completely replaced at the Annual General Meeting on Thursday (today). This brings a sale a little closer.
As proposed by the founding shareholders around Daniel von Stockar, René Gilli and Beat Curti, the shareholders have reconstituted the Board of Directors of SoftwareOne. Only von Stockar remains on the Supervisory Board.
Specifically, Jörg Riboni, Andrea Sieber and René Gilli, who were proposed by the shareholder group, received approval ratings of between 64.7% and 87.5%. The members of the Board of Directors proposed by the old Board of Directors no longer stood for election following the shareholders' vote.
Daniel von Stockar was then elected as the new Chairman of the Board of Directors. He received 64.70 percent approval.
By voting out the previous Board of Directors, the founding shareholders have achieved their goal. They had initiated the Extraordinary General Meeting to replace the previous Board of Directors.
Sale to Bain Capital becomes more likely
A takeover of SoftwareOne by the private equity company Bain Capital is moving closer again with the new Board of Directors. The old Board of Directors had rejected several takeover bids.
The founding shareholders are now hoping for a more favorable opinion from the newly elected members of the Board of Directors. However, they emphasized that there are "no agreements, commitments or other instructions, nor any business or personal relationships" between them. They reiterated this to the shareholders at the AGM.
According to media reports, Bain has held out the prospect of further takeover talks with a new Board of Directors. Bain recently offered CHF 18.80 per SoftwareOne share. The company is to be delisted from the stock exchange following a successful takeover.
Shareholder attendance at the Annual General Meeting was comparatively high. A total of 213 shareholders were present, representing 77.73% of the shares at the event held at the KKL Lucerne.
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