Investors Blast Software AG for Not Considering Rival Bids (1)

Investors in Software AG blasted management for backing a €2.4 billion ($2.6 billion) takeover bid by Silver Lake Management while failing to seriously consider a rival offer.

Software AG’s executives have stood by Silver Lake’s plan to buy the company for €32 per share, even while another private equity firm Bain Capital is offering at least €2 more a share.

Shareholder representatives at the annual general meeting Wednesday said Silver Lake, which holds two seats on Software AG’s board, had access to insider information before submitting its offer and benefited from favorable treatment from the company’s takeover committee.

“Cooperation with ...