Business

US company outbids Bravura for GBST

Fintech company GBST Holdings is recommending shareholders accept a $220 million offer from SS&C Technologies, which swooped in to outbid Bravura Solutions.

US financial services software company SS&C Technologies has offered $221 million for Brisbane-based financial services platform GBST Holdings, trumping a rival bid.

The GBST Board said on Monday it intends to recommend shareholders accept the $3.25-per-share non-binding indicative offer from the Nasdaq-listed financial services software company.

Rival suitor Bravura Solutions said it has withdrawn its $3-per-share offer because it hasn't heard from GBST, but could return to the fray "in the event of a superior proposal from any third party".

Comment has been sought from Bravura, which has already raised its bid for GBST twice.

It first offered $2.50 on April 12 and then $2.72 on June 19, before offering $3 a share on Thursday while warning that the offer would expire on Friday.

At 1057 AEST, GBST shares were up 18 cents, or 6.1 per cent, to $3.14, while Bravura shares were unchanged at $4.86.

GBST said it was granting SS&C an exclusive period of four weeks to conduct due diligence.

Founded in 1983, GBST makes specialist wealth administration software for clients such as ANZ, Bell Potter, Commonwealth Bank, JP Morgan and Westpac.

It has offices in Melbourne, Sydney, Brisbane, Wollongong, Singapore, Vietnam, Hong Kong, London and New York.

Windsor, Connecticut-based SS&C is one of the largest investment management software companies in the world, with 22,000 employees and 18,000 clients.

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