I’m running a bit late today, so this is just a placeholder to say that there will be a report, just a bit later. So please refresh this page in say an hour’s time, for more details.
Increased cash offer – good news for shareholders of this software company. Constellation has upped its cash offer from 105p to 115.5p.
The Directors, and a large shareholder that was holding out for more (AXA) have agreed the bid now. It looks like it will probably go tthrough, but it could be a close run thing, as acceptances are currently only around 45%.
Looking at the chart, the takeover premium is very modest indeed, so it’s certainly not a generous offer. If I liked the company and held shares, I’d probably reject the offer as being too low.