The GBST Holdings Limited (ASX: GBT) share price has headed higher again on Monday morning.
At the time of writing the fintech company's shares are up 1.3% to $3.63. This latest gain means its shares have now risen 134% since the start of the year.
Why is the GBST share price on the rise again today?
Investors have been buying GBST's shares today after it revealed that it has received yet another improved takeover bid.
According to the release, the company has received a further revised unsolicited non-binding indicative proposal from FNZ Group to acquire 100% ownership of it.
The proposal is at an indicative price of $3.65 per share and follows two earlier non-binding indicative proposals from FNZ Group. The first was a $3.15 per share offer received on Friday June 28 and the second was a $3.50 per share offer received on Monday July 1.
However, the GBST board and its advisers have given detailed consideration to the latest FNZ proposal and have decided not to proceed with it. Instead, they continue to favour the $3.60 per share offer from SS&C Technologies.
GBST's chairman, Allan Brackin, explained: "Having received non-binding indicative and conditional expressions of interest to acquire the company from a range of parties over an extended period of time, the GBST Board moved in late June to conduct a formal tender process to select a party who would be provided with exclusive access to due diligence for a short period, with a view to converting this nonbinding interest into a binding offer capable of being put to shareholders. That process was completed with our announcement on Monday 1 July when we announced that SS&C was the party that had secured exclusive due diligence in connection with its proposal to acquire the company."
He added: "Despite receipt of further non-binding proposals from a party who was unsuccessful in the formal tender process, the Board remains of the view that it is in the best interests of GBST and its shareholders to continue to facilitate the receipt of a binding offer from SS&C reflecting the terms of its last proposal and which is capable of being put to shareholders."
Whilst some shareholders may be disappointed that the company appears to have settled on the $3.60 per share bid, they'll no doubt be delighted with how things have progressed since Bravura Solutions Ltd (ASX: BVS) tabled the first offer of $2.50 per share in April.
