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  • BY: Andrew Hore |
  • POSTED: 29/03/2010 |

It has been confirmed that Constellation Software Incís 33p a share bid for Gladstone will not be extended past 31 March if it is not declared unconditional.

TSX-listed Constellation will require acceptances of at least 50% of the shares for that to happen. Constellation owned 43.5% of Gladstone but that has been slightly diluted by the issue of option shares. The fully diluted stake is 38.7%.

Active Network Inc says that it is still interested in bidding 36p a share for the membership software provider but it will not launch a bid before the 31 March.

Shares in Gladstone are trading at 33p each, down 0.75p on the day.

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