Baan investors push for a share offer

A group of 22 private shareholders was ready this week to derail Invensys’ takeover of troubled Dutch software business Baan. The investors, who hold 19.6% of Baan’s shares, intend to press other shareholders to push for a share offer to refinance the loss-making enterprise resource planning systems supplier rather than sell it. However, the move […]

A group of 22 private shareholders was ready this week to derail Invensys’ takeover of troubled Dutch software business Baan. The investors, who hold 19.6% of Baan’s shares, intend to press other shareholders to push for a share offer to refinance the loss-making enterprise resource planning systems supplier rather than sell it. However, the move does not have the backing of Baan’s board or the company’s dominant trade union, the RMU, which said the counter-offer was dangerous. A spokesman for Invensys said investors should treat with caution `siren voices that could dash them on the rocks’.