Brisbane-based specialist financial software company GBST has received another acquisition offer from American firm SS&C Technologies valued at $221 million.
The offer, tabled $3.25 per share, outplays a number of previous offers made by software provider Bravura Solutions, which most recently offered $3 a share, valued at roughly $200 million.
GBST has now entered into a process and exclusivity deed with SS&C, an investment and financial services provider, giving them four weeks to conduct due diligence.
The new bid follows previous offers made by Bravura; the first totalled $2.50 per share in April, which was then increased to $2.72 on 19 June, (67.9 million GBST shares) in cash, totalling $184.7 million.
On 27 June, Bravura once again up its offer to $3.00 per share, saying this was the highest bid it will make and expressed concern over the delay and uncertainty in the matter.
In a statement to shareholders on 1 July, Bravura said it did not make, and has withdrawn its preparedness to make an updated proposal for GBST, and further noted that GBST hasn’t accepted its offer made on 19 June.
However, it added that it would reserve the rights to make further offers for GBST including in the event of a superior proposal from any third party
“The GBST board in consultation with its professional advisers, has determined it is in the best interest of shareholders to allow SS&C to undertake due diligence and to engage further with SS&C in order to determine if a transaction capable of Board recommendation can be developed and presented to shareholders,” GBST said in a statement.