Private equity group Advent International offered EUR1.17 billion (USD1.58 billion) in cash for UNIT4 NV. This was according to a report published by Reuters today. The offer for UNIT4 was a 32.4% premium to its closing price on October 11. This was before companies had expressed interest in buying the Dutch business software company, the report said.

The two companies agreed on a recommended full public offer of EUR38.75 in cash for every issued and outstanding ordinary share of the Dutch firm. The offer also included dividends, said the report.

UNIT4 said in a statement: "Advent is an experienced investor globally in the software industry and locally in the Netherlands and will provide UNIT4 with financial backing, expertise and support for capital expenditures, investments and acquisitions in accordance with UNIT4's long-term strategy."

UNIT4 recommended Advent's offer to its shareholders. However, the deal could be terminated by both parties if a third party made a higher bid, Reuters said.