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Gladstone

  • BY: Andrew Hore |
  • POSTED: 17/03/2010 |

Gladstone has sent out its response to the Constellation Software Inc bid.

TSX-listed Constellation has made a mandatory bid of 33p a share for the membership software provider. Gladstone still insists that the bid does not reflect the full value of the business. According to the company, Constellation did not discuss the bid with the company before it was made. Gladstone says that it offered the bidder the chance to carry out due diligence so that it could recognise the full value of the business.

There is also the prospect of a 36p a share offer from Active Network Inc, although there is no certainty that a bid will be made. The Gladstone board believes this is a serous offer and it is in discussions with Active Network.

The board unanimously urges shareholders not to accept the Constellation offer. The first closing date is 31 March.

Gladstone shares are trading at 34p each, which is their high for the year.

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