The Takeovers Panel has cleared the way for Nasdaq-listed SS&C to continue its exclusive due diligence with respect to acquiring publicly-listed financial services technology provider, GBST.
The Takeovers Panel was considering an application from another bidder for GBST, New Zealand-based business, FNZ Group, which had queried the process entered into between GBST and SS&C.
Both SS&C and FNZ were part of a tender process initiated by GBST which saw both companies submit non-binding indicative bids.
Dealing with the matter today, the Takeover Panel said that while the GBST process had not been conventional, it did not consider it to be unacceptable.
“To date, that process had led to significantly increased indicative offer prices to the benefit of GBST shareholders,” the Takeovers Panel said. “The Panel considered that there was nothing that prompted it to second guess the GBST board’s decision.”
The Takeovers Panel announcement noted that there was nothing to prevent third parties submitting a superior proposal to GBST to trigger the fiduciary out.
