News blog
Gladstone
- BY: Andrew Hore |
- POSTED: 13/10/2008 |
Constellation Software Inc has made a 25p a share bid for membership and education software developer Gladstone.
The bid values Gladstone at £13.5m. TSX-listed Constellation already owns 28.8% of Gladstone and it already owns US businesses involved in health club membership and education software. In 2007 Constellation generated profits of US$15.1m. It is an acquisitive software business.
Constellation previously built up a stake of 10.6% in Gladstone but sold 5.5m shares in April 2007.
Earlier this year management declined the request of Constellation for a board representative.
Gladstone had net tangible assets of 11.2p a share at the end of February 2008. There was more than £4m cash in the bank.
Gladstone shares rose 4.75p to 23.5p each.
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