For Immediate Release
SS&C Further Increases Offer on Acquisition of Mainstream Group
WINDSOR, CT, May 6, 2021 (PR NEWSWIRE) – SS&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$2.56 per security pursuant to a scheme of arrangement. In the 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.
Terms of the proposed acquisition imply an enterprise value for Mainstream of approximately A$376 million or approximately US$290 million (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.
Mainstream subsequently announced that it has received a further unsolicited proposal from the same third party at AUS$2.60 per share in cash. Mainstream is currently considering the proposal and may determine that it is a superior proposal, but has not yet done so. If Mainstream does determine that it is a superior proposal, SS&C will have 4 business days to match or offer more favorable terms to the third party’s further unsolicited proposal.
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, Hong Kong, Singapore, Ireland, Malta, Isle of Man, the Cayman Islands and the U.S.
Mainstream is being advised by Miles Advisory Partners as financial adviser and Maddocks as legal adviser.
SS&C is being advised by Citi as financial adviser and Gilbert + Tobin as legal adviser.
About Mainstream Group Holdings
Mainstream Group Holdings Limited (ASX: MAI) provides fund and superannuation administration services underpinned by investment in people, processes and technology. As at March 2021, Mainstream provides administration services to 1,364 funds and more than 176,000 investors with funds under administration of AUD $272 billion. Mainstream employs 330 people, with operations in Australia, Singapore, Hong Kong, the United States, the Isle of Man, Malta, Ireland and the Cayman Islands. For more information, please visit: https://www.mainstreamgroup.com.
About SS&C Technologies
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, 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.
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