SS&C Technology Holdings has made a rival $5.65 per share bid for Link Administration Holdings.
Link was placed in a trading halt Monday pending an announcement about a potential change of control transaction.
An announcement was out on the new $3bn-plus bid Monday evening.
It comes after Pacific Equity Partners and The Carlyle Group made an offer where shareholders would get $3.80 per share, but including the 44 per cent PEXA interest that Link owns in PEXA, they would get $5.40 a share, valuing the entire company at about $2.9bn.
The private equity firms had the bid rebuffed but are currently carrying out due diligence.
SS&C Technology Holdings has tapped investment bank Citi for Link the bid.
The US-based company is no stranger to the Australian market.
It last year entered a bidding war for Australian software company GBST.
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