ASX-listed financial software vendor Bravura Solutions has raised acquisition offer for GBST, a Sydney-based IT service management provider.
Bravura is now offering to buy all of GBST shares for $2.72 per share for a total of $187 million, up from the initial offer of $2.50 per share, or $172 million in April.
Bravura, which provides superannuation, wealth management and life insurance software, said the offer “represents an attractive opportunity” for GBST shareholders.
In its original proposal, Bravura said the deal would help GBST avoid the uncertainty and costs associated with the significant investment to renew its software platforms.
GBST provides customised technology solutions for broking, banking, wealth management and financial services like CRMs, tax analytics, among others.
“Bravura looks forward to discussing the proposal with the GBST Board with the aim to complete confirmatory due diligence and agree a transaction that can be jointly presented to GBST shareholders,” the company said in a statement.
The offer represents a 49 percent premium on the volume-weighted average price from the release of GBST’s first half results on 13 February to 11 April 2019, the day before the original offer was made.
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