LONDON (07/10/2000) - The acquisition of Baan Co. NV by Invensys PLC moved one step forward Monday, with the approval of European Union and U.S. regulators.
Rob Ruijter, chief financial officer of Baan, confirmed that the planned takeover has been cleared by the proper authorities. It is still not clear, however, whether Baan's shareholders will give their approval or not.
"The shareholders will have to tender their shares," said Ruijter, but he couldn't say whether they would do so willingly. "As you know, we are subject to the takeover, and it is entirely in Invensys' hands," he said.
Baan held an extraordinary general shareholders meeting on June 29, when the shareholders were merely informed of the takeover, said Ruijter. The offer closes on Thursday, he said.
U.K.-based Invensys and Dutch Baan announced on May 31 the planned acquisition, valued at US$709 million. [See "Invensys to Buy Baan for US$709M in Cash," May 31.]Baan has been troubled for a long time, and this takeover could prove to be a godsend. The software vendor has shown losses for seven consecutive quarters.
Invensys has been called Baan's rescuer, and one executive, Katrina Roche, Baan's senior vice president and chief marketing officer, called Invensys the perfect partner. [See "Interview: Baan Exec -- Invensys Is Our 'Perfect Partner'," May 31.]Baan, with dual headquarters in Barneveld, the Netherlands, and Reston, Virginia, can be reached at +31-342-42-8888 or +1-703-234-6000, or on the Internet at http://www.baan.com/. Invensys, based in London, can be reached at +44-207-834-3848 or on the Internet at http://www.invensys.com/.