The Leuven, Belgium-based company said it is willing to consider multiple offers as a result of what it described as an urgent need for sufficient working capital, and it also announced that it is open to considering further offers at its shareholder’s meeting.
The 4.7m euros ($6.1m) increased capital from Columbia, Maryland-based Betrusted increases the likelihood that it will succeed in its aim of acquiring Ubizen, but the Belgian company has made it clear that it will go to the highest bidder.
Betrusted now owns 9.09% of the outstanding shares of Ubizen after it acquired 3,580,576 new shares at a price of 1.32 euros ($1.69) per share. The security consulting and managed services vendor has also vowed to raise the price of its bid from 1.2 euros to 1.32 euros per share.
Betrusted has also agreed to commit itself to an additional capital increase in order to match Ubidco’s proposed capital injection of between 12m euros and 16m euros ($15.4m and $20.5m). Ubidco is a consortium of venture capitalists comprised of Apax Partners, Kennet Venture Partners, and KBC Investco.
Ubidco launched its 0.95 euros per share bid for Ubizen in November 2003 before Betrusted entered the fray in January 2004. Ubidco then proposed its cash injection via a bid to acquire new shares at a price no higher than 1.30 euros per share, as well as a proposal to add two new directors to Ubizen’s board.
Both Betrusted and Ubidco’s offers will be discussed at the extraordinary shareholders meeting. Any higher bids will also be considered, however.
This article is based on material originally published by ComputerWire
