Mergers and Acquistions News
Categories: IT Services & Consulting
November 25th 2008, 16:14PM
The hostile takeover bid for UK-based Gladstone by Constellation Software is being extended, it has been reported.
Canadian company Constellation has announced the extension of the bid until December 12th, after it had acceptance for 39 per cent of owned shares of the software firm as of November 21st.
Reuters reports that Gladstone is continuing to reject the bid and was "pleased" that the offer to date for the company, which was 25 pence per share, had "received such a poor level of acceptance".
Said Ziai, Gladstone's chief executive, told the news agency: "The board has had an overwhelming majority of shareholders indicating to us that they fully recognise the offer is opportunistic, and they are not going to accept it."
It was recently reported that IBM is set to acquire Manchester-based cross-platform virtualisation firm Transitive.
No financial details regarding the transaction have yet to be revealed.
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