Software company Bird rules out hostile takeover after CM.com rejects offer

Bird, a provider of communications software, has no intention of pursuing a hostile takeover of its peer CM.com. The CM.com board recently rejected Bird’s offer of nearly 166 million euros. Bird CEO Robert Vis believes there is little to gain from bypassing the board and directly approaching shareholders with the proposal.

Vis stated, “I am not planning to impose myself on a company where I am not welcome. That has never been my approach.” For now, he is leaving his takeover bid unchanged.

At the same time, Vis criticized a deal announced on Wednesday in which entrepreneur Valentijn Rensing, founder of Youfone, acquired a 3 percent stake in CM.com for 5 million euros.

The sale of shares outside the stock exchange dilutes the value of other shares, Vis points out. He further notes that Rensing paid less for the shares than Bird had offered.

Bird and CM.com both provide communications services that allow companies to interact with customers through platforms like WhatsApp or SMS. Vis said that merging the two companies would produce a “European champion” in AI-powered customer contact solutions.

CM.com turned down the offer, citing that the proposed price was too low. The company also argued that the bid offers insufficient “tangible and long-term value” for customers, employees, and shareholders. Founders and current leaders Jeroen van Glabbeek and Gilbert Rooijers continue to hold substantial stakes in the company.