Baan rescue package in jeopardy
Rescue plans to save struggling Dutch software company Baan from takeover by UK controls and automation group Invensys look in doubt after investors called off a meeting in Holland with trade unions.
Twenty-two shareholders oppose the euro762m cash offer by Invensys for Baan and believe that the company is worth more than double the euro2.85 offered.
Shareholder leader Ernst Sonneveldt cancelled the meeting where he said he would disclose details of a refinancing package.
The group of 22 are believed to include US, Dutch and Belgian shareholders who have a 20% stake in the company.
Robert Goudie, a senior vice-president at Baan, said: ‘The Invensys tender offer has the full support of the management and supervisory boards. It is fair for all Baan shareholders.’