SS&C Will Not Exercise Matching Right In Respect of Latest Offer to Acquire Mainstream Group
SS&C Technologies Holdings (Nasdaq: SSNC) announced on June 17, 2021, that it will not exercise its matching rights for Mainstream Group Holdings Limited's shares due to a competing offer.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
SS&C Technologies Holdings (Nasdaq: SSNC) announced on June 17, 2021, that it will not exercise its matching rights for Mainstream Group Holdings Limited's shares due to a competing offer. The bid for Mainstream rose from AUS$1.20 to AUS$2.80, representing a 133% increase. SS&C expressed congratulations to Mainstream's board for maximizing shareholder value. Citi served as the financial adviser, and Gilbert + Tobin provided legal advice.
Positive
- Mainstream's sale maximizes shareholder value with a 133% bid increase.
- SS&C acknowledged the effective negotiation by Mainstream's board.
Negative
- SS&C misses the opportunity to acquire Mainstream, which could impact its market position.
- The decision not to match the offer may indicate a lack of competitive edge.
Details
News Market Reaction – SSNC
The recorded move for SSNC in the trading session of this news was -0.96%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
WINDSOR, Conn., June 17, 2021 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced that it has decided not to exercise its matching rights in connection with a competing offer made by a third party for an acquisition of
"SS&C has decided to not exercise its matching right in respect of its bid for Mainstream," said Bill Stone, Chairman and CEO. "We began this journey after Mainstream's board had accepted a AUS
SS&C is being advised by Citi as financial adviser and Gilbert + Tobin as legal adviser.
About Mainstream Group Holdings
As of March 2021, the Group provides administration services to 1,364 funds and more than 176,000 investors with funds under administration in excess of AUD
Mainstream employs 330 people, with operations in Australia, Singapore, Hong Kong, the United States, the Isle of Man, Malta, Ireland and the Cayman Islands.
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.
Additional information about SS&C (Nasdaq:SSNC) is available at www.ssctech.com.
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SOURCE SS&C
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