SS&C ups ante in bidding war for Australian firm
Photo | LoopNet.com
SS&C's Windsor headquarters.
Embroiled in a nearly month-long bidding war for an Australian fund administrator, Windsor-based investment software and services provider SS&C Technologies has upped the stakes again.
In mid-April, SS&C cast an initial bid of $2 per share for Mainstream Group Holdings Limited, a Sydney-based firm with over 300 employees worldwide who serve asset managers and corporations.
That bid, equivalent to an enterprise value of $225 million for Mainstream, has since received three counter offers from competing suitors. SS&C countered each with increases of its own bid.
As of Thursday, SS&C raised its offer to $2.56 million per share, or $290 million.
Bermuda-based Apex Group, a global financial services provider, quickly hit back, offering $2.60. Mainstream said its board is weighing the bid, and that if it ultimately declares it to be superior, SS&C will have four business days to counter.
SS&C said it views Mainstream as “an attractive acquisition opportunity as it would accelerate SS&C’s growth ambitions, particularly in the Australian market, and is highly complementary given the majority of Mainstream’s business is currently run on SS&C technology.”
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