SS&C Further Increases Offer on Acquisition of Mainstream Group

About this update from Ss&c Technologies Holdings, Inc.

[{"type":"text","content":"WINDSOR, Conn., May 6, 2021 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced that it has amended the Scheme Implementation Deed with Mainstream Group Holdings Limited (ASX: MAI, \"Mainstream\") to provide for an acquisition by SS&C of 100% of the shares and outstanding equity rights in Mainstream for A$2.56 per security pursuant to a scheme of arrangement. In the absence of a superior proposal, and subject to the independent expert concluding that the revised scheme is in the best interests of Mainstream shareholders, being customary carve-outs, the board of directors of Mainstream intends to support the revised scheme of arrangement on that basis.\n\n \n \n \n \n \n \n\n \nTerms of the proposed acquisition imply an enterprise value for Mainstream of approximately A$376 million or approximately US$290 million (including transaction costs and net debt). The purchase will be subject to customary conditions, including approval by Mainstream shareholders, the relevant Australian court and certain regulatory approvals, and is expected to close in the third quarter of 2021.\nMainstream subsequently announced that it has received a further unsolicited proposal from the same third party at AUS$2.60 per share in cash. Mainstream is currently considering the proposal and may determine that it is a superior proposal, but has not yet done so. If Mainstream does determine that it is a superior proposal, SS&C will have 4 business days to match or offer more favorable terms to the third party's further unsolicited proposal.\nMainstream is a provider of investment administration, middle office, fund accounting, superannuation administration, share registry and unit registry (transfer agency) services to leading fund managers and superannuation funds, family offices and dealer groups. The company serves clients globally through its offices in Australia, Hong Kong, Singapore, Ireland, Malta, Isle of Man, the Cayman Islands and the U.S.\nMainstream is being advised by Miles Advisory Partners as financial adviser and Maddocks as legal adviser.\nSS&C is being advised by Citi as financial adviser and Gilbert + Tobin as legal adviser.\nAbout Mainstream Group Holdings\nMainstream Group Holdings Limited (ASX: MAI) provides fund and superannuation administration services underpinned by investment in people, processes and te...

More updates from Ss&c Technologies Holdings, Inc.