Apex has entered into a scheme implementation deed to acquire 100% of Mainstream shares after SS&C failed to match the offer.
Apex had offered $2.80 cash per share, valuing Mainstream at $400 million, which was 1.4% premium to the $2.76 price per share previously offered by SS&C.
In a statement to the Australian Securities Exchange (ASX), it said SS&C did not “exercise its matching right in relation to the Apex offer by the required deadline” which meant Mainstream had now terminated the deed.
Earlier this month, Mainstream was still recommending that shareholders voted in favour of SS&C in the absence of a “superior proposal”.
Mainstream said the deal with Apex would provide clients with access to significantly broader range of solutions such as fund services, digital banking and corporate services as well as Apex’s ESG rating and advisory services for private companies.
It was expected to have an implementation date of the week of 11 October, subject to regulatory approval.