In what represents a key decision for SS&C’s strategy to more fully enter the superannuation fund administration market, its acquisition target Mainstream has decided to stick with SS&C in the face of an unsolicited bid from Apex Group Limited.
Mainstream announced to the Australian Securities Exchange (ASX) that an improved offer from SS&C had persuaded it to stick with SS&C and terminate its discussions with Apex.
Apex’s unsolicited offer of $2.65 cash per share had bettered SS&C’s original offer to Mainstream prompting SS&C to lift its original bid to $2.66 per share.
The ASX announcement said that the Mainstream board and its advisers had carefully considered the revised SS&C bid and concluded it was in the best interests of shareholders.
