Shareholders in 'for sale' recruitment cum HR/payroll software AIM company Bond International (BDI:AIM) may have to settle for the 105p per share offer that is still on the table from software aggregator Constellation Software. The near-30% stake owner in Bond has extended its offer to buy what's left of the company (its recruitment software bit) until 8 December.
That's presuming circumstances don't dramatically change between now and then. Interestingly, Constellation has confirmed it will not stand in the way of the way of the £29.4 million deal to flog its education IT arm to Tenzing Private Equity, agreed in July.
That sale followed the disposal of its education software arm, Strictly Education, to Education Services Solutions in an £11.3 million in May.
Bond has been pursuing a piecemeal sale of its various moving parts to maximise shareholder value after years of relatively dismal performance. In five years revenues have gone nowhere and it has plunged into the red for the past two.
That sparked a root and branch review of the business culminating in the business hoisting the 'for sale' sign, flagged by Shares nearly 18-months ago.
There is still the chance that Bond's current management will be able to attract a better offer for the recruitment tech business, and simply shut the company down and return all the cash to investors. But to justify that it would need to woo a bid in excess of £15 million. Shareholders will likely sit tight for now.
