{"id":484514,"date":"2021-04-29T09:06:19","date_gmt":"2021-04-29T13:06:19","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/ssc-updates-increased-offer-on-acquisition-of-mainstream-group\/"},"modified":"2021-04-29T09:06:19","modified_gmt":"2021-04-29T13:06:19","slug":"ssc-updates-increased-offer-on-acquisition-of-mainstream-group","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ssc-updates-increased-offer-on-acquisition-of-mainstream-group\/","title":{"rendered":"SS&C Updates Increased Offer on Acquisition of Mainstream Group"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n WINDSOR, Conn.<\/span>, April 29, 2021<\/span> \/PRNewswire\/ —\u00a0SS&C Technologies Holdings, Inc.<\/a> (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$2.35<\/span> per security pursuant to a scheme of arrangement. In\u00a0the 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.<\/p>\n

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\n \"SS&C
\n <\/a>\n <\/p>\n<\/p><\/div>\n

SS&C has agreed to increase the consideration payable under the scheme after receipt by Mainstream of a non-binding indicative cash offer of $2.35<\/span> per security from a third party. As a consequence of such increase and related amendments, Mainstream has terminated any discussions with such third party.<\/p>\n

Mainstream 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<\/span>, Hong Kong<\/span>, Singapore<\/span>, Ireland<\/span>, Malta<\/span>, Isle of Man, the Cayman Islands<\/span> and the U.S.<\/p>\n

Terms of the proposed acquisition imply an enterprise value for Mainstream of approximately A$346 million<\/span> or approximately US$270 million<\/span> (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.<\/p>\n

Mainstream is being advised by Miles Advisory Partners as financial adviser and Maddocks as legal adviser.<\/p>\n

SS&C is being advised by Citi as financial adviser and Gilbert + Tobin as legal adviser.<\/p>\n

\n About Mainstream Group Holdings
<\/b>Mainstream Group Holdings Limited (ASX: MAI) provides fund and superannuation administration services underpinned by investment in people, processes and technology. As at March 2021<\/span>, Mainstream provides administration services to 1,364 funds and more than 176,000 investors with funds under administration of AUD $272 billion<\/span>. Mainstream employs 330 people, with operations in Australia<\/span>, Singapore<\/span>, Hong Kong<\/span>, the United States<\/span>, the Isle of Man, Malta<\/span>, Ireland<\/span> and the Cayman Islands<\/span>. For more information, please visit: https:\/\/www.mainstreamgroup.com<\/a>.<\/p>\n

\n About SS&C Technologies
<\/b>SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut<\/span>, and has offices around the world. Some 18,000 financial services and healthcare organizations, from the world’s largest companies to small and mid-market firms, rely on SS&C for expertise, scale, and technology. <\/p>\n

Additional information about SS&C (Nasdaq: SSNC) is available at www.ssctech.com<\/a>. Follow SS&C on Twitter, LinkedIn<\/span> and Facebook.<\/p>\n

<\/div>\n

\n \"Cision\" View original content to download multimedia:http:\/\/www.prnewswire.com\/news-releases\/ssc-updates-increased-offer-on-acquisition-of-mainstream-group-301280273.html<\/a><\/p>\n

SOURCE SS&C<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire WINDSOR, Conn., April 29, 2021 \/PRNewswire\/ —\u00a0SS&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$2.35 per security pursuant to a scheme of arrangement. In\u00a0the 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. SS&C has agreed to increase the consideration payable under the scheme after receipt by Mainstream … <\/p>\n

Continue reading “SS&C Updates Increased Offer on Acquisition of Mainstream Group”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-484514","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nSS&C Updates Increased Offer on Acquisition of Mainstream Group - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ssc-updates-increased-offer-on-acquisition-of-mainstream-group\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SS&C Updates Increased Offer on Acquisition of Mainstream Group - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire WINDSOR, Conn., April 29, 2021 \/PRNewswire\/ —\u00a0SS&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$2.35 per security pursuant to a scheme of arrangement. In\u00a0the 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. 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