The GBST Holdings Limited (ASX: GBT) share price has pushed higher on Tuesday following another update on the takeover proposal received from SS&C Technologies.
At the time of writing the specialist financial technology company’s shares are up 0.5% to $3.57.
What did GBST announce?
This morning GBST released a copy of the Process and Exclusivity Deed entered into with SS&C Technologies, in accordance with its undertaking to the Takeovers Panel.
In addition to this, it advised of its continued intention to recommend SS&C’s non-binding indicative proposal to shareholders.
According to the release, the GBST board remains of the view that it is in the best interests of shareholders to continue to allow SS&C to undertake due diligence and to engage further with SS&C in relation to its indicative proposal.
That proposal will see SS&C acquire GBST at $3.60 per share under a scheme of arrangement despite FNZ Group offering to acquire 100% ownership of GBST at an indicative price of $3.65 per share.
It also reminded shareholders that if SS&C’s due diligence activities lead to the two parties entering into a binding scheme implementation agreement on terms consistent with the updated proposal, then the GBST board intends to unanimously recommend it in the absence of a superior proposal and subject to an independent expert concluding that it is in the best interests of shareholders.
Though, it once again warned shareholders that there is no certainty that the proposal will result in an agreed transaction.
It will continue to keep the market informed of any material developments in accordance with its continuous disclosure obligations.
In the meantime, it advised GBST shareholders to take no action in response to the proposal at this stage.
Unless Bravura Solutions Ltd (ASX: BVS) blindsides every one with a superior proposal in the coming days, it is looking more and more likely that GBST is going to fall into the hands of SS&C Technologies later this year.