Gladstone has formally rejected the 25p a share bid from constellation Software Inc.
TSX-listed Constellation already owns 28.8% of membership and education software developer Gladstone. Constellation still has not sent out its offer document – the bid was announced on 13 October.
At 23p a share, Gladstone is valued at £11m.
Gladstone changed its nominated adviser and broker from KBC Peel Hunt to Daniel Stewart on 21 July 2008. On 29 October it has changed its nominated adviser to Grant Thornton and swapped its broker for Fairfax IS, where former KBC Peel Hunt man Adam Hart works.
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