Constellation Software Inc.
TSX : CSU

Constellation Software Inc.

December 30, 2008 12:21 ET

Constellation Announces the Lapsing of the Offer to Gladstone PLC Shareholders

TORONTO, ONTARIO--(Marketwire - Dec. 30, 2008) - December 30, 2008 -- Constellation Software Inc. ("Constellation") (TSX:CSU) announced today that its previously announced offer on October 13, 2008 to purchase all of the outstanding common shares of UK-based Gladstone PLC ("Gladstone") for 25 pence per share lapsed as the acceptance condition, which required Constellation to have acquired, whether pursuant to the Offer or otherwise, 50% of the issued ordinary share capital of Gladstone, was not met. Constellation owns 14.42 million Gladstone shares representing approximately 29.99 per cent of the issued ordinary share capital of Gladstone.

"We are disappointed that we did not obtain our desired level of acceptances under the offer, however, we believe we were able to highlight the potential to increase the operating performance of Gladstone through this process," commented Mark Leonard, President, Constellation. "We will continue to pursue options to increase the value of our Gladstone shareholding."

About Constellation:

Constellation's common shares are listed on the Toronto Stock Exchange under the symbol "CSU". Constellation Software is an international provider of market leading software and services to a number of industries across both the public and private sectors. The Company acquires, manages and builds vertical market software businesses that provide mission-critical software solutions to address the specific needs of its customers in those industries.

Forward Looking Statements

Certain statements herein may be "forward looking" statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Constellation or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These statements reflect current assumptions and expectations regarding future events and operating performance and speak only as of the date hereof. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements are made as of the date hereof and Constellation assumes no obligation to update any forward looking statements to reflect new events or circumstances.

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