GBST opts to go with SS&C
Financial services technology provider GBST looks set to go with a takeover bid by Nasdaq-listed SS&C after being the subject of offers from both Bravura and New Zealand-based FNZ.
GBST outlined the situation to the Australian Securities Exchange (ASX) today with the company’s chairman, Allan Brackin stating that board remained of the view that the best interests of the company would be served by going with SS&C.
He said a revised non-binding indicative proposal from SS&C entailed a $3.60 per share proposal via a scheme of arrangement and was subject to an expedited period of exclusive due diligence.
The $3.60 per share bid values GBST at approximately $244 million representing an 82.3 per cent premium to the undisturbed closing price of GBST shares on 11 April, being the last close price prior to the initial proposal from Bravura Solutions and a 92.8 per cent premium on the 30 trading day volume weighed average to 11 April.
The announcement said SS&C would be comfortable with GBST paying a fully ranked special dividend of up to 0.35 cents per share ahead of completion.
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