GBST finally embraces FNZ offer

Publicly-listed financial services technology provider, GBST has emerged from a trading halt on the Australian Securities Exchange (ASX) to announce that it has entered into a binding Scheme Implementation Deed for acquisition by New Zealand-based FNZ.

GBST has announced to the ASX that the two companies have entered into the binding scheme under which it is proposed FNZ will acquire 100 per cent of the shares in GBST with shareholders to receive $3.85 in cash per share, which will be reduced by the amount of any special dividend of up to 0.35 cents per share.

It said the GBST directors were unanimously recommending shareholders vote in favour of the scheme and intended to vote shares in their control in favour of the scheme, in the absence of a superior proposal.

The GBST announcement followed on from a trading halt announced on Friday which had, in turn, followed the company’s rebuff of an earlier approach by FNZ.

GBST chairman, Allan Brackin said the board was pleased to have entered into the agreement with FNZ on terms acceptable to the board.

He said the FNZ offer represented a significant premium and provided a higher degree of certainty of value for GBST shareholders through the cash offer and limited conditionality.

GBST had earlier entered into exclusive due diligence with SS&C.



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