Australian platform technology provider Bravura has made a non-binding bid proposal to acquire fellow financial service tech firm, GBST.
Bravura announced the submission of the $172m (£94m) indicative proposal to the Australian Securities Exchange today.
The proposal consideration is a cash payment of $2.50 (£1.37) per share.
The Australian Financial Review reports investors fear GBST may not grant due diligence, however.
Bravura is aiming for an eight week due diligence period from GBST.
GBST says the proposal is “highly conditional” and has advised its shareholders not to take any action.
An ASX announcement says: “The board is evaluating the proposal and will provide shareholders with recommendations in due course.
“The proposal is highly conditional with conditions including, among others, relevent approvals, completion of due diligence to Bravura’s satisfaction, change of control consts and execution of a scheme implementation agreement.
“It should be noted that GBST remain absolutely focused on creating vital technology solutions for the world’ leading financial brands.”
Bravura has a market capitalisation of $1.1bn (£546m) and the deal would see the tie-up of two of Australia’s largest rivals in the financial technology space.
Bravura chief executive Tony Klim says: “We believe that the attractive premium and the ability to take Bravura scrip to participate in the ongoing performance of the combined businesses, makes for a compelling proposal.”