Shares in platform technology provider GBST rose by as much as 6.5% today after rival FNZ confirmed a bid that valued the business at AUS$269m (£151m).
According to Business News Australia, the AUS$3.85 per share bid was actually less than an earlier offer made last week by FNZ - however it was 7% more than an offer on the table from rival US company SS&C Technologies. Business News Australia said SS&C Technologies was "undertaking due diligence for its potential takeover of GBST with frequent competitive threats from FNZ". The Australian news outlet added FNZ was a group that had "boasted an unorthodox takeover method marked by strict conditions, short timeframes for acceptance and rapidly fluctuating offer prices". While they p...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
