Bravura increases GBST takeover offer
Bravura Solutions has upped its offer to acquire fellow financial services technology provider, GBST.
Bravura announced to the Australian Securities Exchange (ASX) today that it had submitted a revised non-binding indicative proposal to acquire all the shares in GBST Holdings, following on from its initial offer in April.
It said the revised offer was based on due diligence and had the full support of the Bravura board.
The revised indicative proposal is for a cash payment of $2.72 per GBST share made up of a cash consideration less the amount of a 0.35 per share special dividend payable to GBST shareholders prior to the transaction.
The ASX announcement said the revised indicative proposal represented a premium of 49 per cent to the volume-weighted average price from the release of GBST’s first half results on 13 February.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
