News blog
Gladstone
- BY: Andrew Hore |
- POSTED: 05/03/2010 |
Active Network Inc has announced an indicative bid for membership software provider Gladstone of 36p a share but it may be too late.
The Gladstone board has indicated that it would recommend a cash bid at this level – unless there was a higher offer.
TSX-listed Constellation Software Inc launched a 33p a share mandatory offer earlier this week and on Tuesday purchased 6.59m shares to take its stake to 43.48%. Even on a fully diluted basis taking into account all available options, the stake is still 38.7%. That puts Constellation in a strong position.
San Diego-based Active says that it has been monitoring the situation over the past year. Active supplies application services technology and marketing solutions for community and sports organisations. It believes that Gladstone would be a good fit.
Any offer is dependent on due diligence and the full support of the Gladstone board.
The Active bid values Gladstone at £19.9m. Gladstone shares are trading at 31.5p each.
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