NEW YORK (TheStreet) -- Shares of Lexmark International (LXK) are flat in early afternoon trade as the manufacturer of laser printers, that also provides enterprise services, has increased its offer for ReadSoft, a Swedish software maker as its bidding war with Hyland Software U.K. continues, the Wall Street Journal reports.
Lexmark raised its bid to 55.50 Swedish kronor ($8.07) a share from July's bid of 50 kronor. The move comes as a response to Hyland's increased offer Monday of 55 kronor a share, the Journal said.
ReadSoft helps businesses simplify and automate their processes.
Net of ReadSoft's cash on hand, the new Lexmark proposal is about $248 million, the company said. It's previous offer was about $224 million.
Lexmark said it owns 5.3% of ReadSoft's shares, said the tender offer is still slated to begin August 7 and run to August 28. Settlement is expected to happen September 4, the company said.
Lexmark is looking to fold ReadSoft-which made about $117 million in revenue last year-into its Perceptive Software business, adding to its position as a provider of data capture software solutions for back-office processes, the Journal noted.
TheStreet Ratings team rates LEXMARK INTL INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate LEXMARK INTL INC (LXK) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, revenue growth, reasonable valuation levels, expanding profit margins and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had sub par growth in net income."