Bravura increases GBST offer - again
Banking software supplier GBST has received its third takeover offer from Bravura Solutions in three months. And it has had approaches from other parties.Bravura's latest offer is a non-binding conditional indicative proposal for 100 per cent of GBST's ordinary shares at $3 a share.Bravura's first offer for GBST was at $2.50 a share on April 12 and the second for $2.72 on June 19.Yesterday the stock closed at $2.90 a share. Back in January, it was at a five-year low of $1.44.GBST has been lukewarm in its response to Bravura's advances. After the initial offer it said a number of shareholders expressed concerns with respect to aspects of the indicative proposal, which go to "value and certainty".GBST may be in play for a while yet. Yesterday the company disclosed that it had been approached by a number of other parties expressing interest in the business.The company will conduct a "confidential formal process" to look at its options.One party that will be following proceedings with interest is Westpac, which signed a $25 million three-year banking facility with GBST in February.GBST made a net profit of $3.7 million on revenue of $43.9 million in the December half.