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However, it said that Mainstream was continuing to work with SS&C and that the directors had not, as yet, withdrawn their recommendation of the Scheme Implementation Deed (SID), pointing out that Mainstream had not entered into any SID, conditional or otherwise, Apex.
Recommended for you
The “experiment” away from vertical integration has been a mistake, according to Clime’s Michael Baragwanath, and Clime is positioning to benefit via advice and fund manager acquisitions.
JP Morgan Asset Management has identified Australia as an “emerging growth market” as it seeks to double its assets under management in the Asia-Pacific region in the next five years.
Australian Ethical funds under management were $14.3 billion at the end of September, with its investment division seeing inflows return after outflows in the previous quarter.
Record flows into iShares ETFs helped BlackRock’s assets under management reach US$13.5 trillion in the third quarter, but it reported outflows from the APAC region.
