FNZ asks Takeovers Panel to intervene on GBST
New Zealand-based FNZ has upped the ante in its bid for financial services technology provider, GBST, lodging an application with the Australian Government’s Takeovers Panel over the bid by Nasdaq-listed, SS&C.
FNZ has sought interim orders from the Takeovers Panel suspending the operation of the SS&C Process Deed to in effect restrain any further due diligence by SS&C while the Panel application is being considered.
The application also seeks final orders including that the SS&C Process Deed be cancelled.
GBST earlier today told the Australian Securities Exchange that it had rejected a revised bid from FNZ and just a few hours later FNZ announced it had gone to the Takeovers Panel complaining about GBST’s decision.
FNZ is alleging the GBST refusal is unacceptable because, among other things, the SS&C Process Deed was entered into prematurely, contrary to the best interests of GBST shareholders, without facilitating a proper auction process designed to achieve the best price, and where providing due diligence access to SS&C will material reduce the value of GBST to all other bidders.
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