The GBST Holdings Limited (ASX: GBT) share price won't be going anywhere today after the fintech company requested its second trading halt of the month.
The company advised that the trading halt has been requested pending an announcement in relation to a further unsolicited offer from FNZ Group to acquire all shares in GBST by way of scheme of arrangement.
GBST has requested that the trading halt remain in place until it either makes the announcement or the commencement of trading on July 29.
What does this mean?
UK-based FNZ Group has been battling it out with Nasdaq-listed SS&C Technologies to acquire GBST. It made a non-binding offer to acquire 100% ownership of GBST at an indicative price of $3.65 per share earlier this month.
However, having given detailed consideration to the proposal, the GBST board decided not to proceed with it and pushed ahead with a $3.60 per share offer from SS&C Technologies.
At the time, GBST's chairman, Allan Brackin, explained: "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."
According to the AFR, this time FNZ Group is believed to have not only come back with an even better offer, but also made it binding. GBST's board and its advisers Deutsche Bank, Allens, and Norton Rose Fulbright are now considering the new bid.
Former suitor Bravura Solutions Ltd (ASX: BVS), which originally offered $2.50 per share in April, has remained silent in recent weeks after being outbid. Whether it returns and adds another twist to the saga, only time will tell.
