Basware response to media speculation
Basware Corporation, stock exchange release, December 7, 2018 at 10:45 a.m. EET
On November 16, 2018, in response to media speculation, Basware confirmed that it had been approached with a non-binding and highly conditional indicative proposal for a possible tender offer for the entire share capital of Basware (the “Indicative Proposal”). As stated in Basware’s stock exchange release of November 16, 2018, the Indicative Proposal is subject to a number of pre-conditions including, but not limited to, securing of appropriate financing, conducting a satisfactory due diligence review and receiving a recommendation from the Board of Directors of Basware. Completion of any such tender offer would in turn be subject to further conditions, including, but not limited to, approval by Basware shareholders holding at least 90% of the shares of Basware and receipt of all necessary regulatory approvals. On November 20, 2018, in response to media reports, Basware confirmed that the Indicative Proposal was submitted by Tradeshift Holdings Inc.
At the request of Nasdaq Helsinki Ltd, in response to further recent media reports, Basware confirms that it is in discussions with Tradeshift Holdings Inc. regarding a possible cash tender offer. Such further media reports contain speculation regarding the potential offer price level and certain other matters, including the status of financing and timing. Basware has not, among other things, received any confirmation that the financing for the Indicative Proposal is appropriately secured, and an announcement of a possible tender offer is not imminent.
Basware further confirms, at the request of Nasdaq Helsinki Ltd, that, pursuant to the Indicative Proposal, subject to fulfillment of the conditions set out in such Indicative Proposal, Tradeshift Holdings Inc.’s intention is to launch a recommended public tender offer of EUR 48 per share in cash for the entire issued share capital of Basware on a fully diluted basis. Basware shareholders are reminded that there is no assurance that a tender offer will be launched at this price level.
Basware shareholders are further reminded that the Indicative Proposal continues to be subject to a number of pre-conditions and completion of any tender offer would in turn be subject to further conditions, as described above. Accordingly, there can be no assurance that the Indicative Proposal will result in a tender offer or any transaction or that a tender offer or any transaction would be made at a certain price.
Basware will release further information at an appropriate time.
Basware Corporation
Board of Directors
For more information, please contact:
Ben Selby, Head of Investor Relations, Basware Corporation
+358 50 305 8077, ben.selby@basware.com
Distribution:
Nasdaq Helsinki
Media media
Investors.basware.com/en
About Basware:
Basware (Nasdaq: BAS1V) is the global leader in providing networked source-to-pay solutions, e-invoicing and value added services. Basware’s commerce and financing network connects businesses in over 100 countries and territories around the globe. As the largest open business network in the world, Basware provides scale and reach for organizations of all sizes, enabling them to grow their business and unlock value across their operations by simplifying and streamlining financial processes. Small and large companies around the world achieve significant cost savings, more flexible payment terms, greater efficiencies and closer relationships with their suppliers. Find out more at https://investors.basware.com/en.