July 26 (Reuters) - GBST Holdings Ltd GBT.AX :
* RECEIVED FURTHER PROPOSAL FROM KIWI HOLDCO CAYCO, TO ACQUIRE 100% OWNERSHIP OF GBST AT A$4.00 CASH PER SHARE
* INFORMED THAT FNZ PROPOSAL HAD EXPIRED, BUT HAD BEEN REPLACED WITH A NEW PROPOSAL AT A$3.90 PER SHARE
* BOARD FORMED THE VIEW THAT PROPOSAL FROM FNZ EFFECTIVELY INCAPABLE OF BEING ACCEPTED