Computer Software Innovations Inc. (CSWI.OB) announced that it will review a US$1.00 per share acquisition proposal from Constellation Software Inc. (CSU.TO). Computer Software Innovations advised its stockholders that they need not take any action at this time in response to Constellation's letter.
On 30th March 2012, Constellation Software announced that it has submitted a letter to the board of directors of Computer Software Innovations 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 had said that it expects to be able to complete such an agreement within two weeks from the beginning of the due diligence period. Constellation had also said it requested that Computer Software respond promptly, but not later than April 5, 2012 to the Proposed Offer.
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