Trapeze ITS Luxembourg S.a.r.l. and Mark Leonard made an offer to acquire additional 70.73% stake in Bond International Software plc (AIM:BDI) for £31.7 million in cash on June 3, 2016. Under the terms, Trapeze ITS and Mark Leonard will acquire the shares at £1.05 per share. The cash consideration payable under the terms of the Offer is to be financed out of the existing cash resources of Constellation. Constellation can make a firm offer for Bond until July 1, 2016. As on June 10, 2016, The Board of Bond International Software plc has unanimously concluded that the offer fails fully to reflect the fair value of Bond International Software and the Board would not currently recommend the offer to its shareholders. Trapeze ITS Luxembourg S.a.r.l. and Mark Leonard made a revised offer to acquire remaining 70.73% stake in Bond International Software plc (AIM:BDI) for £34.8 million in cash on September 23, 2016. The buyers offered £1.155 per share. The cash consideration payable under the terms of the offer is to be financed out of the existing cash resources of Constellation. t is intended that Stephen Russell, Richard Hall and Martin Baldwin will agree to resign upon the final increased offer becoming or being declared wholly unconditional, subject to their terms of engagement. Bruce Morrison and Tim Richards shall remain with the Bond Group under the ownership of Constellation UK and subject to their existing terms of engagement. The offer is subject to valid acceptances being received for not less than 90% of Bond shares, third party clearances and no member of the Bond Group having entered into an unconditional binding commitment when aggregated together with any and all other binding commitments entered into by the members of the Bond Group, would, upon completion of such commitments, result in the disposal by the Bond Group of all or substantially all of the assets of the HR and Payroll Software and Services Division; and/or the Recruitment Software Division. Subsequent to Bond's announcement regarding the sale of the Payroll Subsidiaries, discussions have taken place between Bond, Constellation UK and their respective advisors. Constellation UK has entered into an irrevocable agreement to vote in favour of the sale of the Payroll Subsidiaries to FMP Global Bidco in respect of all shares owned by Constellation UK and parties acting in concert with Constellation UK. As such, Constellation UK waives the condition to the offer with respect to the disposal of the Payroll Subsidiaries to FMP Global Bidco only. With the agreement of both Constellation UK and Bond, the panel has granted an extension to the relevant deadline until August 18, 2016 to allow the parties to conclude their ongoing discussions. As of August 18, 2016, Bond shareholders are strongly advised to take no action whatsoever in respect of the offer. As of September 23, 2016, the Bond Directors, who have been so advised by Houlihan Lokey Capital, Inc., consider the terms of the Revised Offer to be fair and reasonable and accordingly the Bond Directors recommend unanimously that Bond Shareholders accept the revised offer. The offer was extended till October 18, 2016. On October 11, 2016, Trapeze ITS Luxembourg S.a.r.l. and Mark Leonard made a revised offer to acquire remaining 70.38% stake in Bond International Software plc (AIM:BDI) for £35.8 million in cash. Under the terms, Trapeze ITS and Mark Leonard will acquire the shares at £1.21 per share. An additional payment of approximately £1.1 million will be paid to Mark Leonard in return for his Bond Shares to be transferred to Constellation UK in order to satisfy the Acceptance Condition under Rule 10 of the City Code. The Bond Directors gave irrevocable undertakings to Bond (on a several basis) that they and their wives would vote in favour of the Amended Sale Resolution in respect of a total holding of 6.8 million Bond Shares representing approximately 15.94% of the issued share capital of Bond. On October 5, 2016, Bond gave notice convening a general meeting of the Bond Shareholders to be held on October 24, 2016, at which the amended sale resolution will be proposed. As on October 24, 2016, Bond International Software' board of directors' has withdrawn recommendation for final increased offer price. Angus MacPherson and John Mellett of Herax Partners LLP acted as the financial advisors to Constellation. Stephen Keys and Camilla Hume of Cenkos Securities plc acted as financial advisor to Bond. Richard Darby and Steph Watson of Buchanan acted as PR advisor to Bond. Thomas Bailey of Houlihan Lokey Capital, Inc. acted as financial advisor to Bond International Software.