SS&C gazump Bravura on GBST
Financial services technology provider GBST, already the subject of a take-over bid by Bravura, has now received a further non-binding proposal from Nasdaq-listed SS&C Technologies.
GBST announced to the Australian Securities Exchange (ASX) today that it had received a non-binding proposal from SS&C Technologies at $3.25 per share and that the board intended recommending it to shareholders.
Detailing the proposal, GBST said the price of $3.25 per share valued equity in GBST at approximately $221 million and represented a 64.6 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 dated 12 April, 2019.
The GBST announcement said the company had entered into a Process and Exclusivity Deed with SS&C after which the companies would enter into a binding scheme implementation agreement.
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