Software AG Makes Bid to Acquire IDS Scheer

Software AG has made an offer to acquire IDS Scheer (whose Americas headquarters is in Berwyn) for EUR 15.00 per share.
Dr. Scheer and his cofounder have already agreed to sell their combined holdings which amount to 48% of the voting rights in the company. The takeover price would be approximately EUR 480, roughly a 40% premium on its current price.
I'm just surprised that it didn't end up with SAP, which I had assumed had kind of an informal right of first refusal. But this
doesn't preclude SAP buying Software AG some time in the future.

Software AG / Publication of the decision to make a public takeover offer pursuant to Section 10 Paras. 1 and 3 in conjunction with Sections 29, 34 of the German Securities Acquisition

Software AG agrees to buy stakes in IDS Scheer; tender for rest (Reuters)