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
The volume that financial advisers have invested in private credit funds could be among disclosures that providers have to make to ASIC amid a regulatory crackdown on private markets.
Platinum Asset Management has appointed Northern Trust to provide asset servicing solutions for their $11 billion Australian funds.
A leading consultancy believes asset managers will be reluctant to expand overseas in 2025 as high distribution costs blow out potential benefits, but this is providing tailwinds for Australian third-party distributors.
Three of the largest ETF providers reported net inflow increases of more than 100 per cent during 2024, as Betashares admits it “underestimated” the scale of annual inflows the industry would see.
