Reuters: Deals: Sygnity in talks with potential investors: report

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Sygnity in talks with potential investors: report Mar 24th 2012, 09:46 WARSAW | Sat Mar 24, 2012 5:46am EDT WARSAW (Reuters) - Polish software group Sygnity COMW.WA is in talks with two potential strategic investors that could help it fend off a hostile takeover offer by larger rival Asseco Poland ACPP.WA, Sygnity's chief executive was quoted on Saturday as saying. Eastern Europe's top software group, Asseco offered 250 million zlotys ($80 million) for Sygnity and vowed not to raise the figure, which Sygnity said was too low. "Our plan assumed the appearance of a strategic investor in 2013. Three or four companies were interested," Sygnity's CEO Norbert Biedzycki was quoted as saying by Gazeta Wyborcza daily. "The tender increased the pace of the discussions. We currently have two potential investors, but I won't reveal the details." A Sygnity spokesman said the potential investors are foreign, but declined to name them. Asseco sees the combination as a way to better take on global IT leaders including HP (HPQ.N), Oracle (ORCL.O) and IBM (IBM.N) in its home market. Shares in Sygnity, which reversed a string of five consecutive annual losses last year, closed at 21.90 zlotys, above the 21 zlotys offered for each by Asseco. Asseco's offer ends on April 10 and requires 66.9 percent of shares to be tendered. ($1 = 3.1311 Polish zlotys) (Reporting by Chris Borowski; editing by Jason Neely) Link this Share this Digg this Email Reprints

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