SS&C and Apex slug it out for Mainstream

The bidding tussle for ownership of fund administrator, Mainstream continues with Apex Group Limited increasing its bid for the company with SS&C now having until next Tuesday to match that bid or offer more.

Mainstream announced to the Australian Securities Exchange (ASX) that Apex had increased its unsolicited proposal to $2.75 cash per share, resulting in the Mainstream board notifying SS&C of the deadline to match or better the offer.

The announcement said that the board had determined that the latest Apex offer represented a superior bid for the company.

However, it said that Mainstream was continuing to work with SS&C and that the directors had not, as yet, withdrawn their recommendation of the Scheme Implementation Deed (SID), pointing out that Mainstream had not entered into any SID, conditional or otherwise, Apex.

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