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Bond International Software (LON:BDI)

Increased cash offer - good news for shareholders of this software company. Constellation has upped its cash offer from 105p to 115.5p.

The Directors, and a large shareholder that was holding out for more (AXA) have agreed the bid now. It looks like it will probably go tthrough, but it could be a close run thing, as acceptances are currently only around 45%.

Looking at the chart, the takeover premium is very modest indeed, so it's certainly not a generous offer. If I liked the company and held shares, I'd probably reject the offer as being too low.

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