The GBST Holdings Limited (ASX: GBT) share price has started the week on a high.
At the time of writing the fintech company's shares are up 8% to a 52-week high of $3.20.
Why is the GBST share price charging higher again?
Investors have been buying the company's shares this morning after it announced that it has received yet another takeover approach.
According to the release, Nasdaq-listed SS&C Technologies has made a non-binding indicative proposal to acquire GBST for $3.25 cash per share via a scheme of arrangement.
This exceeds the revised offer made by Bravura Solutions Ltd (ASX: BVS) of $3.00 cash per share late last week, which has since been withdrawn. Though it is worth noting that when it withdrew its offer, it advised that it reserves the right to make a further offer in the event of a superior proposal from any third party. So this may not be the last we've seen of Bravura Solutions.
But it will need to lift is offer significantly if it is to stop SS&C Technologies from acquiring GBST.
Especially after the GBST board revealed that it intends to unanimously recommend the $221 million proposal to shareholders, in the absence of a superior proposal and subject to the independent expert's report, should the two parties enter into a binding scheme implementation agreement on terms consistent with the proposal.
The proposal is still conditional on several matters, including satisfactory completion of confirmatory due diligence, regulatory approvals being obtained, and shareholder approval.
In light of this, the GBST board has reminded shareholders that there is no certainty that the proposal will result in an agreed transaction and advised them to take no action in response to the proposal at this stage.
All eyes will be on Bravura Solutions now. It raised $165 million from intuitional investors in May for acquisitions but hasn't yet been able to put these funds to work.