Dutch software company UNIT4 on Thursday submitted a bid of zł.14.00 per share, up from an initial offer of zł.11.75, for Polish IT provider Teta, topping British rival Sage Group's offer of zł.12.75 and increasing the potential value of the Teta sale to zł.165.6 million.

The UNIT4 bid will be valid until July 5 and is conditional on the firm being given at least 33.33 percent plus one share of Teta's total number of shares.

UNIT4 said it will drop its offer to zł.12.80 per share from July 6 and would as a condition require securing at least 66 percent plus one share of Teta's total stock.

Sage is currently reviewing its position and will issue a statement on July 5.

Wrocław-based Teta provides business software to mid-market customers in Poland and Hungary. The firm is an attractive target for companies which want to expand into Eastern Europe. (JP)

Source: Thomson Reuters