Constellation Software Inc. (CSU.TO: Quote) announced that it has submitted a letter to the board of directors of Computer Software Innovations Inc. (CSWI.OB) proposing to acquire all of the Computer Software's outstanding common and preferred stock, and outstanding options to acquire such shares, in a recommended cash tender offer at a price per share of US$1.00.
The Proposed Offer is subject to satisfactory completion of due diligence, the redemption or termination of the rights plan, or "poison pill", that Computer Software has recently adopted, and negotiation and execution of a definitive written agreement.
Constellation said that it expects to be able to complete such an agreement within two weeks from the beginning of the due diligence period. Constellation said it has requested that Computer Software respond promptly, but not later than April 5, 2012 to the Proposed Offer.
In a separate press release, Constellation Software Inc. announced that its wholly-owned subsidiary, Gary Jonas Computing Ltd., has entered into an agreement to acquire a provider of software to the Radiology and Laboratory information systems industry. The acquisition is expected to close in early April and will represent a new vertical market for Jonas.
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by RTT Staff Writer
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