Corporate: GBST board will say 'I do' to SS&C's marriage proposal

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.

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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.

In other ASX corporate news today…

Have Uber killed taxis? Don’t tell A2B (ASX:A2B). The company has just completed the acquisition of Gold Coast Cabs and estimates $5m in revenue on an annualised basis. “The Gold Coast is a growing city hosting 10.5 million tourists each year and we look forward to growing with it,” said CEO Andrew Skelton. “A2B is determined to be Australia’s leading personal transport business.”

Eagles Health Holdings (ASX:EHH) reported it had begun to generate revenue from its stores in mainland China. The firm has had 100 stores across China for two months now and has reported strong consumer interest, particularly in its Zhang Lao San health patches. It credits its marketing campaigns and distribution channels.

In substantial holder movements, SG Hiscock bought into graphite stock Triton Minerals (ASX:TTN). SG Hiscock bought a 5.11 per cent stake, accumulated over several months and crossing the threshold last Friday. Also, a Shanghai-based investor now has a 12.27 per cent stake in Anson Resources (ASX:ASN). The investor paid $1.65m two weeks ago, having paid $2.1m to first buy stock in late 2017. The investor, Chia Tai Xingye, is a private industrial group that funded development works at Anson’s project last year. Anson boss Bruce Richardson previously called them “a very supportive strategic partner”.