Mergers and Acquistions News
Categories: IT Services & Consulting
December 31st 2008, 15:21PM
Canada-based Constellation Software has failed in its attempt to acquire UK firm Gladstone.
The purchasing firm has revealed that its offer for all outstanding common shares of its target has lapsed as the acceptance condition of Constellation acquired 50 per cent of stocks has not been met.
Currently, Constellation owns 14.42 million Gladstone shares, around 29.99 per cent of the firm.
Mark Leonard, president of Constellation, said: “We are disappointed that we did not obtain our desired level of acceptances under the offer, however, we believe we were able to highlight the potential to increase the operating performance of Gladstone through this process."
The firm will pursue options in order to increase the value of its Gladstone shareholding, he added.
Constellation had offered 25 pence per Gladstone share.
Recently, Manhattan Software revealed that its offer for MYOB had been accepted, after more than half of the Australian firm's share holders agreed to the deal.
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