Mainstream reached the end of the scheme implementation agreement with Vistra, which saw the multinational offer to buy all of its shares at a price of $1.20 per share. The pair have agreed to “shop around” provisions that allow Mainstream to seek any competing offers for a month.

The fund manager halted trading on Monday before revealing that it had indeed received a superior offer from US financial technology firm SS&C Technologies.

SS&C offered $2 per share for Mainstream, a 66.7% increase over Vistra’s offer, and values ​​the group’s equity at about $285.7 million, including transaction costs and debt.

As a result, Vistra will have four days to match or beat SS&C's bid.

SS&C said it views Mainstream as an attractive acquisition opportunity as it will accelerate its growth ambitions, particularly in the Australian market. The deal is also considered complementary as the majority of Mainstream's business is run on SS&C technology.

The US group is a global provider of financial services and healthcare industries, including wealth management, fund administration and retirement and pension fund services.

The firm said it intended Mainstream chief executive Martin Smith to remain with the business after the acquisition.

Sarah Simpkins

Sarah Simpkins is a journalist at Momentum Media, reporting mainly on banking, financial services and wealth.

Prior to joining the team in 2018, Sarah worked in commercial media and produced stories for a current affairs program on public radio.

You can contact her at [email protected].