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Small Cap Value Report (23 Sep 2016) – BDI

Friday, September 23, 2016 11:06
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(Before It's News)

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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.

Bond International Software (LON:BDI)

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.


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