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.
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.
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