ESW pulls out of race for Bond International Software

ESW Capital updated the market on Monday, over its possible offer to acquire the AIM-traded Bond International Software.

The offer was first announced on 2 September, at which time Bond was also the subject of an unsolicited offer from Constellation Software.

“Following the joint announcement by Constellation and Bond on 23 September of a recommended revised cash offer, the board of ESW have concluded that it does not intend to make an offer for Bond,” its board said in a statement on Monday.

Constellation’s revised offer, announced on Friday, was for 115.5p per share in cash.

The offer remained subject to shareholder approval, and in the announcement the directors of Bond unanimously recommended that the shareholders accept the revised offer.