Bond International board recommends approval of Constellation offer

Bond International Software announced on Wednesday that it, together with its advisers, have considered the terms of the final increased cash offer of 121p per Bond share to be made by Constellation UK.

The AIM-traded firm’s board said it considered the greater certainty in timing and the amount of cash distribution to better promote the interest of the Bond shareholders as a whole than a distribution to Bond shareholders via a members' voluntary liquidation of Bond, following completion of the sale.

“The Bond directors have taken into consideration that Constellation UK has confirmed that it attaches great importance to the skills, expertise and knowledge of the employees of Bond and its subsidiaries, and expects them to continue to play a significant role in developing the business, as well as Constellation UK's intentions for Bond as set out in the Final Increased Offer Document,” the board said in a statement.

“The Bond directors, so advised by financial adviser Houlihan Lokey Capital … consider the terms of the Final Increased Offer to be fair and reasonable and accordingly the Bond directors recommend unanimously that Bond shareholders accept the Final Increased Offer.”

Bond will be writing to Bond Shareholders with its formal response to the Final Increased Offer.