SS&C ups bid to cement Mainstream acquisition
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.
Recommended for you
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
