Bain Capital makes $3.2 billion offer for SoftwareOne, board says it's too low

FILE PHOTO: The logo of Bain Capital is displayed on the screen during a news conference in Tokyo, Japan October 5, 2017. REUTERS/Kim Kyung-Hoon/ FILE PHOTO

ZURICH (Reuters) - Bain Capital Private Equity has made an offer for SoftwareOne which values the Swiss software management company at 2.9 billion Swiss francs ($3.21 billion), Bain said on Thursday.

In its response, SoftwareOne board, said the offer "materially undervalues" the company and was not in its best interest or that of the majority of its shareholders.