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
Investment solution provider Channel Capital has appointed James Archer as its latest distribution director, joining from Pinnacle Investment Management.
Bennelong Funds Management has signed a memorandum of understanding with US private credit manager Monroe Capital to distribute its products in Australia.
Global equity manager Talaria Capital has appointed a Sydney-based sales director as it grows its distribution presence across Australia.
Global private markets firm Partners Group has launched an evergreen fund to provide Australian advisers with access to its cross-sector royalties strategy.
