Borea makes mandatory offer for Software Innovation

Borea Opportunity II AS, through Borea Opportunity IV AS, has increased its stake in software developer Software Innovation ASA (SOI) to 50.12%, in a deal worth around NOK 61m.

Borea's offer of NOK 5.50 per share represents a premium of 88% compared to the closing price on Monday 1 December, and a premium of 37% compared to the average trading price in November. The investor has subsequently submitted a mandatory takeover offer for the remaining shares. The offer expires early January.

Oslo-based SOI develops and implements solutions for enterprise information management to customers in Sweden, Norway, Denmark and Finland. Founded in 1984, the business employs approximately 470 people and is estimated to generate turnover of NOK 440m in 2008.

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