Sydney-based financial technology vendor GBST has agreed to be acquired by UK-based financial services company FNZ, concluding a multinational bidding war.
GBST revealed it has entered into a scheme implementation deed where FNZ will acquire 100 percent of GBST shares for $3.85 per share, or $269 million in total.
The agreement comes three months after GBST was first approached by Sydney-based Bravura Solutions, when it was first offered $2.50 per share and later raised to $3. Bravura eventually withdrew its bid earlier this month when US-based SS&C Technologies offered $3.25 per share, which wasalso raised to $3.60.
Headquartered in Edinburgh, Scotland, FNZ was founded in New Zealand in 2004 as a business unit within the New Zealand branch of Credit Suisse. The company provides investment platforms to major financial institutions in the financial services and wealth management sectors.
In an ASX announcement released today, GBST said its board ‘unanimously recommends’ the scheme, unless a superior proposal is received.
“We are pleased to have now entered into a binding agreement for FNZ to acquire GBST at $3.85 per share on terms acceptable to the board,” GBST chairman Allan Brackin said.
“FNZ’s offer represents a significant premium and provides a high degree of certainty of value for our shareholders through the cash offer and limited conditionality.”
FNZ managing director Adrian Durham said the company is pleased to have reached an agreement with GBST’s board.
“We look forward to working with the company to expand its product and service offering in both wealth management and capital markets,” Durham said.