22 March 2006
Proposed offer by Sage for Visma
The Sage Group plc ("Sage") intends to make an offer to acquire Visma ASA
("Visma"), based in Oslo, Norway and listed on the Oslo Stock Exchange, for an
expected enterprise value of approximately £334 million*. The proposed offer,
though subject to the completion of due diligence, is recommended by Visma's
Board of Directors.
With 200,000 customers, Visma is the largest Scandinavian vendor of business
management solutions for small and medium-sized businesses. Visma's revenues
for the year ended 31 December 2005 were approximately £166 million* (2004: £
145 million*). Operating profit before depreciation and amortisation was
approximately £22 million* (2004: £20m*). At 31 December 2005, Visma had gross
assets of approximately £197 million*.
The proposed offer for each Visma share would be NOK125 in cash. This would
represent a premium of 19% to Visma's average share price over the last 20
trading days.
In line with Norwegian regulations, Visma has today made a similar announcement
to the Oslo Stock Exchange.
Svein Ramsay Goli, Visma Chairman, comments, "Our Board believes Sage
represents a solid alternative for Visma, given its long-term perspective and
deep knowledge of our marketplace."
Øystein Moan, Visma CEO, adds, "As a global market leader in providing business
management solutions to small and medium-sized companies, Sage will be positive
for the future development of Visma. To a large extent Visma supplements Sage
and there is very limited overlap in the two companies' market positions."
Paul Walker, Sage Chief Executive, comments, "The proposed acquisition of Visma
is consistent with the Sage strategy of expanding geographically into new and
attractive markets. We see significant potential to build on Visma's leading
position in the Scandinavian SME market."
*All financial information calculated on the basis of £1 = NOK11.49
A conference call to discuss this announcement will be held for analysts at
9.30am today. The dial-in number is +44 208 3223 183.
Enquiries
The Sage Group plc +44 (0) 191 294 3068
Paul Walker, Chief Executive
Paul Harrison, Finance Director
Phil Branston, Investor Relations
Tulchan +44 (0) 20 7353 4200
Kirstie Hamilton
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Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
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