Bravura Solutions has upped its offer to acquire fellow financial services technology provider, GBST.
Bravura announced to the Australian Securities Exchange (ASX) today that it had submitted a revised non-binding indicative proposal to acquire all the shares in GBST Holdings, following on from its initial offer in April.
It said the revised offer was based on due diligence and had the full support of the Bravura board.
The revised indicative proposal is for a cash payment of $2.72 per GBST share made up of a cash consideration less the amount of a 0.35 per share special dividend payable to GBST shareholders prior to the transaction.
The ASX announcement said the revised indicative proposal represented a premium of 49 per cent to the volume-weighted average price from the release of GBST’s first half results on 13 February.