Apex defeats SS&C in bid for Mainstream
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.
AUTHOR
Laura Dew
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.
