LONDON (Alliance News) - Constellation Software UK Holdco Ltd said Tuesday it is making a final, increased offer to acquire Bond International Software PLC.
Constellation said it is now making a cash offer of 121 pence a share for Bond, up from its previously revised offer of 115.5p, and extended the last date the offer can be declared unconditional as to acceptances to October 26.
Shares in Bond International were down 1.7% at 114.00p early Tuesday.
Canada-based Constellation said the increased offer gives, "clarity and certainty in timing and amount for Bond shareholders", as opposed to a proposed asset sale of Bond's recruitment software business and subsequent liquidation. Constellation urged Bond shareholders to vote against a resolution for the sell-off.
Bond, a human resource and recruitment software provider, last month agreed to the revised 115.50p offer from Constellation.
However, on Wednesday last week, Bond said it has now received an offer of around GBP19.4 million for its recruitment software subsidiaries from Symphony Technology Group LLC. Under the deal, Symphony also has agreed to buy Bond's real estate asset for GBP1.8 million on completion of the recruitment software sale.
The total distribution to shareholders from the Symphony deal would be between 121.00p and 122.50p per share, with an initial distribution of between 115.00p and 116.00p per share.
By Adam Clark; adamclark@alliancenews.com
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