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Alas, this conclusion represented the persistence of the flawed understanding embraced by the BGH in 1969.

Shares of Pushpay, which are listed in both New Zealand and Australia, were on a trading halt earlier in the day as the company weighed the implications of a deal between two existing shareholders, Australian private equity firm BGH Capital and U.S.-based investment manager Sixth Street Partners.

The payment platform said it had not entered any deal with any party, including either or both of BGH Capital and Sixth Street, to implement a transaction.

Virtus’ deal with CapVest allows it to consider a superior proposal from BGH or another party.

The offer would provide shareholders with “an opportunity to divest as much Virtus stock as they deem appropriate” without having to pay brokerage fees, BGH said.