Basware announces termination of discussions with Tradeshift Holdings Inc
Basware Corporation, stock exchange release, February 28, 2019 at 09:45 a.m. EET
Basware Board of Directors today announces that is has terminated discussions with Tradeshift Holdings Inc (“Tradeshift”).
In announcements in November and December 2018, Basware confirmed that it was in discussions with Tradeshift in relation to a possible cash tender offer by Tradeshift for all shares in Basware (the “Possible Offer”).
Tradeshift has recently informed Basware that it will be unable to proceed given conditions in the capital markets. On this basis, the Board of Directors of Basware has terminated its discussions with Tradeshift in relation to the Possible Offer.
Basware entered into a standstill agreement with Tradeshift, under which Tradeshift is prohibited from, among other things, directly or indirectly acquiring any shares in Basware or making any public tender offer or other offer to acquire shares in Basware until November 12, 2019. This standstill agreement is subject to customary exceptions including (amongst others) the receipt of a recommendation from the Board of Basware and a third party unaffiliated with Tradeshift announcing a public tender offer for all shares in Basware.
The Board of Basware remains confident about the standalone prospects of its business. “Basware is the global leader in networked source to pay, which is a huge and fast-growing market, worth EUR 15 billion in terms of annual potential. Basware has a strong independent organic strategy and is well positioned to further expand its leadership position in this market,” said Ilkka Sihvo, Chairman of the Board of Basware Corporation.
Board of Directors
For more information, please contact:
Ben Selby, VP Investor Relations and Treasury, Basware Corporation
Tel. +358 50 305 8077, email@example.com
Basware offers the largest open business network in the world and is the global leader in providing networked purchase-to-pay solutions, e-invoicing and innovative financing services. Our technology empowers organizations with 100% spend visibility by enabling the capture of all financial data across procurement, finance, accounts payable and accounts receivable functions. Basware is a global company doing business in more than 100 countries and is traded on the Helsinki exchange (BAS1V: HE).