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However, it said that Mainstream was continuing to work with SS&C and that the directors had not, as yet, withdrawn their recommendation of the Scheme Implementation Deed (SID), pointing out that Mainstream had not entered into any SID, conditional or otherwise, Apex.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
Some 42 per cent of CEOs say they are actively reinventing their business to stay relevant in the next decade, with consumer services the most common choice for asset and wealth managers.
Former Ophir Asset Management chief executive, George Chirakis, has joined private equity manager Scarcity Partners, while the asset manager has appointed a replacement from Macquarie.
Australian Unity has appointed a fund manager for its Healthcare Property Trust, joining from Centuria Healthcare, as it restructures the product with a series of senior appointments.
Financial advisers nervous about the liquidity of private markets funds for their retail clients are the target of fund managers launching semi-liquid products which offer greater flexibility and redemptions.
