Powered by MOMENTUM MEDIA

Mainstream fields $356.2m takeover offer

 — 1 minute read

Another suitor has popped up to bid for the Aussie fund administrator, upping the stakes by around $50 million.

Mainstream confirmed it received an unsolicited takeover proposal from Bermuda-based financial services provider Apex Group last week, beating the current offer on the table from US technology company SS&C.

Apex has offered $2.55 per share ($356.2 million in total), raising the bar on SS&C’s $296 million bid. 

Advertisement
Advertisement

Apex has been based in Australia for more than a decade, with offices in both Melbourne and Sydney. The company’s local team has around 60 staff, working across investor services; and private equity, hedge fund and corporate services. 

It has signalled plans to retain Mainstream’s management, including chief executive Martin Smith.

Mainstream has given SS&C until Thursday to match or beat the Apex price. It has not yet entered into any scheme implementation deed with Apex. 

SS&C had outbid Hong Kong firm Vistra for Mainstream in mid-April, beating its offer of $1.20 per share ($180.1 million).

 

Mainstream fields $356.2m takeover offer
investordaily image
ID logo
Sarah Simpkins

Sarah Simpkins

Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth. 

Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio. 

You can contact her on [email protected].

 

related articles

From the web

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.