Bond International Share Discussion Threads

[swiss paul] 12/10/2016 21:32

are we on the bus - or off the bus and is this confused.com?

[purav] 11/10/2016 15:58

yes of course...
but in investment terms of course you would wait a few months for a 7.5% upside? whats the hurry.
I want these bond directors in my team.
Genius negotiators.

[eeza] 11/10/2016 14:09

the new Constellation offer doesn't include the real estate, does it?

[boadicea] 11/10/2016 08:04

... or is it?
Note that the Bond directors and their party remain committed to the Symphony offer as the Constellation offer is less than 135p. So Constellation are banking on the board being outvoted at the General Meeting.
In view of the earlier settlement that would result, this is quite likely unless a further revision of the Symphony offer follows.

[battlebus2] 11/10/2016 07:34

Yes it's been a long road to extract 121p which near as be damned to value. Thankfully the end.

[eeza] 11/10/2016 07:20

Increased cash offer from Constellation of 121.00p.

[eeza] 10/10/2016 17:08

When is 'irrevocable' not 'irrevocable'.

well, obviously, when it suits.



Society is doomed.

[boadicea] 10/10/2016 16:59

Indeed, and as one would expect, we now have confirmation that AXA have withdrawn their (conditionally) irrevocable undertaking to accept the Constellation offer as the conditions for withdrawal have been met.



This should more or less seal the fate of BDI unless .....

[boadicea] 08/10/2016 21:25

“...， in their reasonable opinion,..."
So your opinion differs. I am sure they would be able to justify their position. For myself it is neither surprising nor particularly worrying and seems a fairly standard view to hold.

[asagi] 05/10/2016 18:40

Dear boadicea,

AXA Investment Managers UK Ltd, ... have provided to Constellation UK an irrevocable undertaking to accept the Revised Offer in respect of 4,050,000 Bond Shares currently under its control ... AXA have confirmed that it would not, in their reasonable opinion, be in the best interests of such beneficial owners to withhold or withdraw any acceptance under the Revised Offer unless a competing offer with a consideration in cash or cash equivalent of 121.275p or more per Bond share is received).


Am I reading this correctly? AXA think that it would not be in the interests of investors, pensioners etc to tell Constellation to shove off if, say, 120p was offered by another party.

Asagi (no position)

[eeza] 05/10/2016 18:22

"Further to the Adjourned General Meeting which was opened this morning, the Chairman of the meeting has further adjourned the Adjourned General Meeting until further notice."

Lol !!!
It's turning into Fred Karno's.

[boadicea] 05/10/2016 18:15

Asagi - At the time of my writing above, there was no further comparable offer announced and the alternative to the Constellation proposal to be put to today's reconvened meeting was of a piecemeal liquidation with a speculative outcome estimated to be about 5p more and with the possibility of a significant time delay.
So I fully stand by my comment.

However, within an hour of that and before the time of the reconvened meeting, the new proposal by Symphony was published and, of course, that entirely changed the situation. We now have a firm offer which should accomplish a complete and more favourable conclusion to events.

I don't see that AXA could be criticised for not predicting that outcome.

[cockerhoop] 05/10/2016 10:04

Ball back in the Constellation court!

But they need to go above £1.35 to get the directors onboard

[asagi] 05/10/2016 09:31

Disagree boadicea - a higher offer is always more likely to succeed!

Meanwhile, the latest card turns over - Symphony have come back with (effecitively) a 122p offer.



Asagi (no position)

[boadicea] 05/10/2016 07:58

Yes - They should get the 'best' deal, but that involves assessment of risk, e.g the risk of any particular deal falling through etc, and so they can legitimately weigh the virtually risk-free acceptance of the constellation offer against the possible risk attaching to any alternative action.

[asagi] 04/10/2016 10:42

I do not understand how, in exercising their fiduciary duty to their customers, AXA can refuse any offer over 115.5p. Surely they have to get the best price for their investors, rather than say they won't accept any subsequent offer below a certain level?

Asagi (no position)

[aishah] 04/10/2016 10:08

"The Revised Offer is subject to a condition that would enable Constellation UK to lapse the Revised Offer if the sale of the Recruitment Software Division (the "Sale"), announced by Bond on 12 September 2016, completes. Completion of the Sale is subject to a resolution to approve the Sale (the "Sale Resolution") at the adjourned general meeting of Bond Shareholders to be held at 10:00am on 5 October 2016 the ("Adjourned General Meeting"). Constellation UK has informed the Bond Directors that if the Sale Resolution is passed the Revised Offer (and, for the avoidance of doubt, the Original Offer) shall lapse." So a small possibility it may not happen.

[aishah] 03/10/2016 13:37

Techinvest advises readers to accept the 115.5p offer. They've cleared BDI out of their Trader Portfolio at 111p.

[aishah] 27/9/2016 09:13

26 SEPTEMBER 2016

STATEMENT OF INTENTION NOT TO MAKE AN OFFER

On 2 September 2016, the board of ESW Capital, LLC ("ESW") announced that it was in talks about a possible offer with Bond International Software plc ("Bond"), who at the time was subject to an unsolicited offer from Constellation Software UK Holdco Ltd ("Constellation").

Following the joint announcement by Constellation and Bond on 23 September 2016 of a recommended revised cash offer, the board of ESW have concluded that it does not intend to make an offer for Bond.

This announcement is made in accordance with Rule 2.8 of the City Code on Takeovers and Mergers ("Code"). As a result of this announcement, ESW will, except with the consent of the UK Panel on Takeovers and Mergers, be bound by the restrictions contained in Rule 2.8 of the Code.

[eeza] 23/9/2016 16:46

"What are the freehold offices, bought in 1998 for £1.4m worth now ?"


One would have thought more than £0.4m uplift in 18 years of a blistering property market.

Unless, of course, they massively overpaid for the property in 1998.

[eeza] 23/9/2016 16:04

Eezymunny almost spot on with his estimate.

[eeza] 23/9/2016 16:00

But see new RNS

" Subsequently, on 23 September 2016, Bond and Constellation Software UK Holdco Limited ("Constellation") jointly announced Constellation's revised offer for all of the issued and to be issued ordinary shares of Bond not held by Constellation at 115.5 pence in cash per ordinary share (the "Revised Offer"). As explained in that announcement the Bond Directors unanimously recommend that the Bond Shareholders accept the Revised Offer.

Bond Shareholders should note that the Bond Directors have now received a valuation of the Courtlands Property which values the Courtlands Property at GBP1.8m as at 8 September 2016. The Bond Directors do not consider it likely that any tax liability will arise from the sale of the Courtlands Property. Accordingly, the Bond Directors now anticipate that the total distribution to Bond Shareholders from the members' voluntary liquidation of the Company after it has completed the Sale, sold the Courtlands Property and paid all relevant transaction costs and taxes, should be between 116 pence and 118 pence per ordinary share in Bond. This is based on the assumptions set out in the circular to Bond Shareholders published by the Company on 12 September 2016. There is no certainty that this valuation of the Courtlands Property would be realised in the event of its sale. "

[aishah] 23/9/2016 15:05

TechMarketView:

Constellation ups its offer for Bond

Software aggregator Constellation Software will be hoping the stars final align over its plans to takeover Bond International, after its UK subsidiary Constellation UK increased its cash offer for the business to 115p per share.

This latest bid is 10% higher than before, and values the entire business at £48.7m. This should go some way to appeasing shareholders who rejected the previous offer of 105p per share (see here).

The offer for the whole business is being made on condition that Bond rejects the proposed £17.25m sale of its recruitment software business to private equity firm Symphony Technology Group (STG) (see Bond sets higher bar for Constellation with new US bidder). Meanwhile, Texas-based software aggregator ESW Capital, who put in a speculative approach earlier this month, has until 10 October 2016, to show its hand