Invensys says it expects no delay with its bid for Baan despite reports that a consortium of shareholders has been set up to block the £474m takeover.
Baan is scheduled to hold a shareholders' meeting on 29 June, when management shareholders and the board will recommend the Invensys offer.
Reports in the Dutch press, however, have suggested Invensys' bid for Baan will be challenged this week by a consortium of around 20 existing shareholders. The consortium will instead ask other investors to back its plan to refinance the struggling software firm through a global offering of 250 million new Baan shares priced at £1.60 each.
The reports said the group would demand management and supervisory board changes, including the appointment of one of their number as chief executive. Ernst Sonneveldt, who is acting as the public face of the investor group, is quoted as saying its members included "captains of industry" and executives of a listed international software company, an internet company and a bank.
"No-one will reject this offer when they know who is behind it," he is quoted as saying.
That doesn't include Invensys. Officially, Invensys executives won't comment on the offer although privately they are scathing of Sonneveldt's credentials as a consortium figurehead.
A Baan spokesman said the firm had not received any alternative plan from a group of shareholders opposed to Invensys' bid, and there had been no meeting between any such group and the company. "There have been no talks, planned or scheduled, between Baan and the group of shareholders," he said.
Invensys tabled its bid at the end of last month, and says it expects to complete the acquisition in the near future. Baan made a net loss of $26m for its first fiscal quarter this year, the latest in a number of unprofitable quarters that sent the firm's share price crashing.
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