FNZ storms into GBST auction with big bid
Private equity-backed global fintech FNZ is the new front marker in the race for Australia’s GBST Holdings.
The UK-based FNZ is understood to have made a $3.50 a share indicative offer, only hours after GBST unveiled a $3.25 a share bid from American company SS&C Technologies.
FNZ’s offer is also understood to include the release of franking credits that could be worth up to another 15¢ a share for GBST investors.
GBST shares went into a halt on Monday afternoon following FNZ’s offer. GBST’s board is understood to be considering the new offer, which values the company at about $240 million.
FNZ is a global platform provider with more than $600 billion in assets under administration.
The company is privately held and backed by institutional shareholders. Its biggest investors is CDPQ – a $200 billion-odd Canadian pension fund, which spearheaded the company’s buyout late last year.
The offer is believed to be non-binding and indicative and involve a handful of conditions, which are said to be less onerous than the conditions attached to SS&C’s bid.
The conditions include a three week round of due diligence.
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