News

Gladstone defiant as Constellation posts offer docs

31 October 2008 15:41:00

Bosses at management systems provider Gladstone have reiterated their rejection of an "opportunistic" bid approach from Constellation Software after the Canadian firm posted its offer document to Gladstone shareholders.

They'll write to shareholders in the next 14 days outlining their reason for turning down the offer worth £13.54m, or 25p a share in cash.

Gladstone "unanimously" rejects the hostile offer, which it says undervalues the company and its future growth potential.

"The timing of the offer is opportunistic both in terms of the substantial investment that Gladstone has made in the development of new products, which has not yet been reflected in Gladstone's trading performance and with the world's stock markets at an historic low," it said.

The board urged shareholders to take no action and not to sign any form of acceptance that constellation or its advisors send.

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