Bravura mounts bid for GBST
Bravura Solutions has moved to acquire fellow financial services technology player, GBST.
Bravura announced to the Australian Securities Exchange (ASX) today that it had submitted a no-binding indicative proposal to acquire all of the shares in GBST Holdings Limited by way of a scheme of arrangement.
It said the proposed consideration was a cash payment of $2.50 per GBST share.
The Bravura proposal said the company believed the indicative proposal provided a number of benefits to GBST shareholders including an attractive premium on the current share value and receipt of a certain cash payment rather than remaining exposed to a fluctuating share price and uncertainty over future dividends.
It also cited reduced uncertainty with GBST shareholders avoiding the uncertainty and costs associated with the significant investment to renew GBST software platforms, including the E-VOLVE program to bring Composer to modern standards and the changes required as part of the ASX CHESS transition and blockchain technology.
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.
