BV Acquisitions is bidding SEK 237M for Swedish Jeeves (ERP)
Jeeves (Stockholm, Sweden) may be acquired by non-Swedish interests.
Battery Ventures IX has via Company BV Acquisition’s made a bid for Jeeves offering SEK 83 in cash per share.
The total offer value for all shares and warrants in Jeeves is around SEK 237 million.
The independent bid committee within Jeeves unanimously recommends shareholders to accept the offer.
The bid for the shares represents a premium of 51 percent compared to Jeeves’s closing price on Friday, March 23, 2012.
Thomas Wernhoff, Stig-Olof Simonsson and Bengt-Ake Älgevik, which together represent about 40 percent of the votes and capital in Jeeves, has “under certain conditions” committed to accept the offer.
The acceptance period for the bid is expected to start around 16 April 2012 and end on or about May 7 2012.
Battery has during a due diligence and reviewed the income statements for January and February 2012. Battery Ventures has also been informed that the estimated licensing revenues for the first quarter of 2012 is in line with first quarter 2011.
Battery, which since 1983 has invested in technology and innovation companies worldwide, has offices in Boston, Silicon Valley and Israel. Battery manages $ 4 billion in committed capital, including the current IX fund of $750 million.
Jeeves is a Swedish Independent Software Vendor with activities mainly in the Nordics. While the company has excellent technology they have had difficulties expanding outside the Nordics.