Mergers and Acquistions News
Categories: IT Services & Consulting
December 8th 2008, 16:21PM
UK-based software firm Gladstone is advising shareholders to reject a takeover approach from Constellation, branding the offer as "opportunistic".
In a statement, Dr Said Ziai, chairman and chief executive officer of Gladstone, believes that the 25 pence a share bid is an attempt to acquire the company on the cheap.
He said: "Shareholders should not allow Constellation to take control of Gladstone in such an opportunistic manner. Shareholders should continue to reject the offer and not sign any form of acceptance."
The board of Gladstone will be writing to shareholders once it has considered the content of a letter posted to them by Constellation, he added.
According to Dr Ziai the offer does not reflect the full value of Gladstone and its cash balance alone is worth a bid of 9.5 pence a share.
Constellation provides industry-specific software to both public and private sector firms.
Last quarter, the Canadian firm saw its revenue increase to $80.8 million (£54 million), up from $60.6 million for the same period last year.
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