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.
Recommended for you
Having predicted three ETF trends for Australia at the start of this year, State Street has shared how these are tracking and whether Australia will successfully reach US$30 billion ETF inflows for 2025.
Magellan fund manager Nikki Thomas is to depart next month as the firm reviews its range of global equity funds and transitions her High Conviction fund.
Sydney-based alternative fund manager East Coast Capital Management has formed its first advisory council as it enters its next phase of growth.
With 40 per cent of advice practices looking to increase their ETF usage, the next frontier being embraced is smart beta ETFs with flows doubling in July, providers have said.
