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Exact spreekt met private equity firm(s)

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[verwijderd] 30 januari 2008 14:53

Exact Holding assessing received bids; will meet with at least one private equity firm next week; Golden Gate Capital named as bidder
By Ed Vinales in London and Ed Mullane in New York

Published: January 25 2008 13:56 | Last updated: January 25 2008 13:56

This article is provided to FT.com readers by dealReporter—a news service focused on providing insightful intelligence on event driven situations to investors. www.dealreporter.com

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Exact Holding is assessing bids received last week from several private equity houses and has at least one meeting next week, buyside sources said.

An industry banker familiar with the auction process said several bids were due last week and that the Netherlands-listed IT software company is now determining whether the prices are high enough to go to another round. This news service understands, however, that at least one meeting will take place next week and the total number of potential bidders is “around eight”.

The banker said Exact would be looking closely at the debt offered by bidders before deciding whether to move forward. He said there is still a “leverage market” in Europe, although it is not as solid as it used to be. The same source said most of the bidders were US private equity firms which have European offices.

A second source named Golden Gate Capital, which owns IT software firm Infor, as one of the bidders. GGC declined to comment.

A second banker familiar with the bidding process said if GGC could find synergies between Infor, which operates in the enterprise resource planning (ERP) market, and Exact, it would be in a strong bidding position. The second banker said this would justify GGC bidding higher than its competitors, as it would be able to combine a strategic rationale for buying Exact with the ability to raise debt and fund the deal using equity.

The banker said that other rumoured rival bidders which have software investments include HgCapital and Hellman and Friedman. He said the former “might” be able to find synergies with Exact and its current investments Addison Software and Visma. Hellman and Friedman was far less likely to find synergies between the target and Iris, which it bought from HgCapital last year, he said.

A private equity source, not involved in the deal, said bidders could probably currently raise around 4x EBITDA in senior debt and 1x EBITDA in mezzanine debt for a target such as Exact. The source stressed that “these businesses vary a lot in levels of recurring revenue and that would be a major influence on the debt levels available.”

It is understood that KKR managed to raise around 6.6x EBITDA in debt for its approach for Northgate Information Solutions last month.

An Exact spokesperson said Exact’s relationship with their clients is no different than those of comparable software companies. Exact sells licenses of their software products and offers additional deployment, maintenance and consultancy services, said the spokesperson.

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Copyright The Financial Times Limited 2008

[verwijderd] 30 januari 2008 16:15

EBITDA H1 2007 was 26 mln. Stel over heel 2007 60 mln?

Lees ik nou goed dat het te verwachten bod tussen de 1 en 6.6 * EBDITDA zal zijn?
Dan hebben we het dus over een overnamebod van 60 mln tot 400 mln... Lijkt mij niet echt veel of begrijp ik dat nu verkeerd?

[verwijderd] 30 januari 2008 22:03

Je geeft zelf al antwoord ;-)
Er staan 24 mio aandelen uit. dus dat kan nooit.
Maar er staat raise dus ik denk verhogen op de koers van een gegeven moment. Dus laat de EBITDA zo'n 2 euro per aandeel zijn dan komt er volgens mij dus 2 tot 13 euro op de koers van....

[verwijderd] 30 januari 2008 22:40

Ze moeten minimaal 34 eur bieden anders verkoopt er niemand....strategische premies

En die komt er zeker met 8 bieders, helemaal niet slecht.

[verwijderd] 30 januari 2008 22:42

Gogogogogogogo Exact

[verwijderd] 31 januari 2008 20:24

En weer een goede dag...we gaan rustig naar de eur 34 ....op naar de cijferpresentatie volgende week

[verwijderd] 1 februari 2008 20:09

Van mij mag Microsoft een bod op Exact doen. Die doen niet moeilijk over een miljardje meer of minder:-)

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