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”.
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