GBST rebuffs another FNZ proposal

Publicly-listed financial services technology provider, GBST has entered the week in a trading halt on the Australian Securities Exchange (ASX) after again knocking back a takeover proposal from New Zealand-based FNZ Group and persisting with due diligence from SS&C.

GBST announced the trading halt late on Friday after informing the ASX that it had received a further proposal from the FNZ holding company but suggested that it was accompanied by unreasonable conditions and did not provide a reasonable period of time for the parties to enter into good faith discussions.

It said that on that basis, and as previously announced, SS&C would be continuing with its exclusive due diligence aimed at facilitating a binding offer reflecting the terms of its latest proposal at $3.60 per share.

Last week’s bid by FNZ was the latest in a series on the part of the company.

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