Bond board recommends Symphony deal

Bond International Software's board has withdrawn its recommendation of the revised Constellation offer of 115.5p per share.

The board has recommended improved terms for the sale of the recruitment software subsidiaries to Symphony increasing the consideration to £19.4 million with an agreement for the sale of the real estate asset to the purchaser for £1.8 million in cash on completion.

The total distribution to shareholders from the members' voluntary liquidation of the company after it has completed the sale and paid all relevant transaction costs and taxes, is anticipated by the directors to be between 121 pence and 122.5 pence per ordinary share.

This includes the sale proceeds of the real estate asset which now forms part of the Sale. The Directors currently anticipate that the initial distribution will be between 115 pence and 116 pence per share.

The company says the total distribution anticipated is at a premium to the 115.5 pence per ordinary share which the revised offer from Constellation represents.

At 9:14am: (LON:BDI) Bond International Software PLC share price was +1.5p at 115.5p