Corporate: GBST board will say ‘I do’ to SS&C’s marriage proposal
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GBST Holdings has told shareholders this morning to accept the latest takeover bid from SS&C Technologies.
SS&C has offered $3.60 per share, which is 82 per cent higher than when it first bid and 16 per cent higher than GBST’s last closing price.
SS&C is a NASDAQ-listed fintech that has beaten out Brauva Solutions, which withdrew interest on Monday, as well as FNZ Group, which lobbed in a bid too low for the GBST board’s liking.
This morning, GBST told shareholders it intended to recommend the takeover offer, arguing it was in the best interests of shareholders and superior to FNZ’s offer.
“Having carefully assessed the merits of both proposals, the board remains of the view that it is in the best interests of GBST and its shareholders to facilitiate a biding offer from SS&C,” said chairman Allan Brackin.
The transaction remains conditional on due diligence and formal documentation being completed. However, the board said it would formally recommend a takeover if a scheme identical to the most recent proposal could be entered into.
After a two-day trading halt, GBT shares jumped 15 per cent to $3.58 at market open. The stock has nearly tripled since early February.
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