News from Abchurch

Gladstone bags Abchurch to fight off hostile bid from shareholder activist

31 December 2008

Gladstone plc, the AIM-quoted leading provider of software solutions and services to the education, health and leisure markets, has used Abchurch to successfully fight off a hostile takeover bid from Canadian conglomerate Constellation Software Inc., a significant shareholder in Gladstone.

On 16 October 2008 Gladstone received an all-cash offer for its shares that Constellation did not already own. Abchurch worked closely with Gladstone’s other advisers on a strategy for persuading Gladstone’s shareholders to reject the offer. Specifically, Abchurch provided advice on key messaging, news output, how to handle the media, and leveraged the media in swaying shareholders’ sentiment of the Company. At the end a large majority of shareholders (representing 80% of Gladstone shares to which the offer related) rejected the hostile bid, resulting in the final lapsing of the offer on 30 December 2008.

Gladstone has employed Abchurch for financial and investor relations since 2004, and following the successful takeover bid will continue to draw on Abchurch’s ongoing financial PR advice.


Media enquiries:
Henry Harrison-Topham
henry.ht@abchurch-group.com
Tel: +44 (0)20 7398 7702