Mainstream to pursue Apex acquisition offer
Following a “superior proposal” to what was offered by SS&C, fund administrator Mainstream Group Holdings will pursue discussions with Apex Group Limited after reaching the deadline for SS&C to exercise matching rights.
Apex offered the acquisition of 100% of shares by way of scheme of arrangement for $2.80 per share.
As part of the terms, SS&C had until 5pm on 17 June, 2021, to match or offer more favourable terms.
However, Mainstream was still bound to the SS&C share implementation deed (SID) and the Mainstream board had not changed its recommendation that shareholders vote in favour of the SS&C scheme in absence of a “superior proposal”.
AUTHOR
Chris Dastoor
Recommended for you
JP Morgan Asset Management has appointed an ETF specialist from Vanguard as it seeks to expand its ETF range.
The alternative asset manager has expanded its Singapore office with a head of Asian distribution, representing a “critical step” for the Asian business, where it is seeking to launch new offerings.
Six Australasian sustainable funds closed in the last quarter, according to Morningstar, while 39 per cent of all strategies saw outflows during the period.
The bank and financial services firm has appointed its next CEO for Australia and New Zealand, while its previous chief for the region takes up a new position.
