Bond International Software Recommends Improved Symphony Offer

LONDON (Alliance News) - Bond International Software PLC said Monday it is recommending an increased offer for a purchase of its subsidiaries from Symphony Technology Group LLC, instead of a final takeover bid by Constellation Software Inc.

Bond said Symphony has increased the consideration payable for Bond's recruitment software subsidiaries to GBP22.8 million from around GBP19.4 million. With the addition of an agreement to buy Bond's real estate asset for GBP1.8 million, the total deal is worth GBP24.1 million. Bond said the offer should allow a distribution of between 127.0 pence to 129.5p per share after a voluntary liquidation of the company.

Bond is now recommending Symphony's offer ahead of its previous backing of an improved takeover bid from Canada-based Constellation Software at 121p a share.

The stock was untraded on Monday, last traded at 119.00p.

Bond said its chairman now intends to adjourn a general meeting planned for Monday to Monday next week, in order to vote on a resolution for the sale of the subsidiaries.

By Adam Clark; adamclark@alliancenews.com

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