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.
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).
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.
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