Sage will not increase its offer for Norwegian firm Visma, making it likely that Engel Holdings will win the battle for the firm.

The board of Visma is now recommending that shareholders accept the offer from Engel Holdings which values the firm at 135 Norwegian kroner per share. Sage was offering 125 kroner.

A spokeswoman for Sage told the Register: "Sage notes yesterday's announcement... and further confirms that its offer, which lapses on 20 April, will not be raised."

Engel Holdings is owned by private equity group Hg Capital. Visma directors said they supported Engel's offer because it wanted to continue to develop Visma as an independent company with the current management team and support it in making significant acquistions.

The directors of Visma also told the stock exchange that management shareholders, representing some 41.3 per cent of total shares have already backed the takeover.

Shareholders have until 2 May to accept or reject the offer.

Read the whole statement to the Oslo exchange here.®

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