MAI has received a bid of A$2 per share from SS&C to acquire the company, which is a 67% premium to the previous Vistra bid of A$1.20 per share. We view this superior proposal as a likely knockout bid for MAI, given it’s a substantial premium to Vistra’s proposal and because the ‘go shop’ period would have likely drawn out any other potential acquirers, in our view. We make no changes to our forecasts. Our MAI price target is now set at the SS&C bid price of A$2 per share. With only 1.5% upside to our price target, we move to a Hold recommendation. Clearly today’s SS&C bid is a fantastic outcome for MAI shareholders and provides the substantial premium for control we thought was lacking in the Vistra proposal.