Basware Terminates Tradeshift Holdings Talks

March 1, 2019

Basware 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 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.

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