Microsoft bids for Navision  

Microsoft makes USD 1.2 billion bid for Denmark's biggest software company

Financial Times Online broke the news yesterday that Microsoft has tabled a DKK 10 billion (USD 1.2 billion) takeover bid for Denmark's biggest software company Navision. Shortly afterwards, Navision confirmed the story to the Copenhagen Stock Exchange. Navision, which had a group turnover last year of DKK 1.5 billion (USD 180 million) and a pre-tax profit of DKK 262 million (USD 31 million ) employs 1,100 people and has more than 120 thousand customers. Navision shares immediately soared on the news.

According to a report in today's Jyllands-Posten however, share analysts think that the offer is underpriced and anticipate a counter bid from Germany's SAP. Microsoft has allied itself with Goldman Sachs for negotiations while Navision are supported by Salmon Smith Barney.

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