Powered by MOMENTUM MEDIA

Bidding war rages for Mainstream

By Lachlan Maddock
 — 1 minute read

SS&C has upped the ante with its bid for investment administration provider Mainstream after rival Apex fired off a $356.2 million offer. 

Apex Group offered Mainstream $2.55 a share on 30 April 2021, an offer that Mainstream confirmed as superior – until SS&C exercised its matching right and topped that bid by a single cent. Mainstream has now terminated discussions with Apex. 

“The directors of Mainstream unanimously recommend that Mainstream shareholders vote in favour of the further revised SS&C scheme in the absence of a superior proposal…concluding that the further revised SS&C scheme is in the best interests of shareholders,” Mainstream’s board said in a statement to the ASX.

Advertisement
Advertisement

Australia-based Apex lobbed its $356.2 million takeover in response to SS&C’s own move to outbid Hong Kong firm Vistra’s offer of $1.20 per share. SS&C has already confirmed that it will retain Mainstream chief executive Martin Smith and other members of management. 

“SS&C views Mainstream as an attractive acquisition opportunity as it would accelerate SS&C’s growth ambitions, particularly in the Australian market, and is highly complementary given the majority of Mainstream’s business is currently run on SS&C technology,” SS&C said at the time of its initial offer.

 

 

Stimulate new ideas. Stimulate new thinking. Top up your CPD and hear from industry experts with InvestorDaily’s Knowledge Centre. Keep up to date with the latest trends and reforms, all while adding to your CPD. Explore the knowledge centre Knowledge Centre now. 

Bidding war rages for Mainstream
investordaily image
ID logo

 

related articles

Website Notifications

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