FNZ Group will acquire Australia's GBST Holdings Ltd. for A$3.85 per share in cash, or about A$269 million, by way of a scheme of arrangement.
GBST Holdings said it entered into a binding scheme implementation deed with Kiwi Holdco CayCo Ltd., the group holding company of FNZ Group, for the proposed takeover. The company added that its board of directors recommends that shareholders vote in favor of the FNZ Group offer in the absence of a superior proposal, according to a July 29 release.
The implementation date is scheduled in November. Deutsche Bank is acting as exclusive financial adviser to GBST Holdings.
Earlier in July, Windsor, Conn,-based SS&C Technologies Holdings Inc. offered to acquire GBST at A$3.60 per share, or about A$250 million.
