Tradeshift Holdings Talks
March 1, 2019
Board of Directors has terminated discussions with Tradeshift Holdings.
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
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.
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.
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