(Bloomberg) -- SoftwareOne Holding AG’s shares rose upon resuming trading Friday, after the company’s founding shareholders replaced the current board with candidates they’d nominated. 

The move could pave the way for fresh takeover bids.

SoftwareOne’s shares were up 4.2% to 16.70 Swiss francs at 10.49 a.m. in Zurich, after incoming chairman and co-founder Daniel von Stockar said late Thursday that the company is “open to any bidders.”

At an extraordinary shareholder meeting on Thursday, the software company’s three founders - Beat Curti, René Gilli and von Stockar - replaced the board that had rejected takeover bid from Bain Capital. The bid, at 18.80 francs per share, valued SoftwareOne at about 2.98 billion francs ($3 billion).

The company’s shares were suspended at the company’s request on Thursday ahead of the vote’s result.

Bain isn’t considering a fresh offer for SoftwareOne and doesn’t plan to engage with its management or the new board, people familiar with the matter told Bloomberg News late Thursday, declining to be identified because the information is private.

A representative for Bain declined to comment.

“We are open to any bidders at the moment, we don’t have any agreement nor open discussions with Bain so there might be others,” von Stockar told Bloomberg after Thursday’s vote. He added that his main focus will now be on operations.

Von Stockar is replacing Adam Warby. Chief Executive Officer Brian Duffy said he has no intention to resign.

JPMorgan Chase & Co. analyst Joseph George said the governance changes increase the likelihood of a private takeout of SoftwareOne.

NOTE: SoftwareONE Up 5.5%, Most in 10 Weeks; Trading Volume Surges

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