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Constellation Software Inc. Announces Possible cash offer for Bond International Software plc

Jun 03, 2016 09:08 am | Scott Denneny



Constellation Software Inc. (TSX: CSU) (“Constellation” or the “Company”) today announced that it is considering making a cash offer (either itself or through a wholly owned subsidiary) for all the issued share capital of Bond International Software plc (“Bond”) that Constellation does not currently own at a price of 105 pence per ordinary share. Bond provides staffing and talent management software to clients in the United Kingdom.

Constellation’s wholly owned subsidiary Trapeze ITS Luxembourg SARL is the largest shareholder in Bond, holding a total of 11,510,911 shares representing 27.3% of Bond’s issued ordinary share capital. Mark Leonard, President of Constellation, owns 965,000 of Bond’s issued ordinary shares. In addition, Constellation, through Trapeze ITS Luxembourg SARL, owns 100% of the 570,230 non-voting convertible shares outstanding in Bond.

A further announcement will be made as and when appropriate. This announcement was released without the approval of Bond, and there can be no certainty that any formal offer for Bond will be forthcoming, nor as to the terms of any such formal offer. In accordance with Rule 2.6(a) of the UK City Code on Takeovers and Mergers (the “City Code”), Constellation must, by not later than 5.00 p.m. on 1 July 2016, either announce a firm intention to make an offer for Bond in accordance with Rule 2.7 of the City Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the City Code applies. This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the City Code.

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Antwort auf Beitrag Nr.: 52.557.548 von R-BgO am 07.06.16 09:55:46

PRIVATE EQUITY FIRM ACQUIRES BOND INTERNATIONAL SOFTWARE
November 08 2016


Private equity firm Symphony Technology Group acquired Bond International Software, a staffing and recruitment software provider, effective Nov. 4.

Bond International Software plc reported it sold its recruitment software subsidiaries for the cash consideration of £24.1 million. The company also sold its real estate asset, comprising its registered office and Bond UK’s office, for £1.8 million. It intends to voluntarily cease trading ordinary shares and delist from AIM on Dec. 8.

Bond approved the disposal of the recruitment software subsidiaries at its general meeting held Oct. 31.

Tim Richards, managing director at Bond International Software UK Ltd., resigned from the board following the sale to continue his career with the buyer.

“Once we knew we wanted to take the company private, our priority was to find a backer that would work with us and support the development of AdaptUX for the benefit of our customers,” Richards said. “It was apparent very quickly that Symphony had a strong fit with our company, and we are already looking at how we can bring to bear its considerable financial muscle to improve our offering to the recruitment market, while continuing to offer our existing customers the excellent customer service they expect.”

Founded in 2003, Symphony Technology Group has experience in the human capital management space and investments in several assets complementary to Bond’s, including JobRapido; Symphony Talent, which includes the Bernhard Hodes group; background screening provider First Advantage; and Innovantage Group, a UK-based Analytics provider in the talent ecosystem, among others.

The sale of the recruitment software business follows a strategic review by the Bond board in 2015 that investigated the options available to take the group private. In May 2016, Strictly Education was sold to the Bond management team backed by a private equity fund. This was followed by the sale of FMP, Bond Payroll Services and Bond HR & Payroll Software to private equity firm Tenzing in August 2016.

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