Amsterdam-based Bird bids €165.8 mil. to acquire chat, payment service provider CM.com

Amsterdam-based software company Bird issued a takeover bid to chat messaging and payment service provider CM.com, worth a total of 165.8 million euros in cash. The bid is 20 percent higher than CM.com's closing price on the Amsterdam stock exchange on Tuesday.

The offer for Breda-based CM.com is equivalent to 5.16 euros per share, with the stock price closing on Tuesday at 4.30 euros. Bird published a statement saying the two companies are a good fit and that a merger makes strategic sense. The Amsterdam firm’s position on the advantages of a potential deal has been communicated to CM.com, and their leadership was invited to discuss a takeover.

Bird already holds just over 5 percent of CM.com shares. Bird CEO Robert Vis described them as "two Dutch leaders" in innovation who can create a "European champion" in providing AI-powered customer services by working together, according to a statement.

Such glowing language about Europe conflicted with statements Bird and Vis made back in February. Bird made headlines in February when Vis announced plans to pull out of the Netherlands and shutter nearly all of its European offices.

Vis told Reuters, “We are mostly leaving Europe as it lacks the environment we need to innovate in an AI-first era of technology.” He went on to say, “We foresee that regulations in Europe will block true innovation in a global economy moving extremely fast to AI."

Bird pointed to specific benefits that can result from a merger, such as increased scale and efficiency, and increased growth opportunities for the combined company. Bird said it looks forward to concluding a transaction with CM.com.

CM.com, led by CEO Jeroen van Glabbeek, has been listed on the Amsterdam stock exchange since February 2020. The company's stock price peaked at over 47 euros per share in June 2021.

CM.com was founded in 1999 and, according to its website, has more than 700 employees. Last year's revenue exceeded 274 million euros.

CM.com was not immediately available for comment.