Private equity firms may be circling DST Systems, but that doesn't mean that the mutual fund back-office provider is ready to sell. Reuters' Nadia Damouni reports that RDG Capital chief Russell Glass and at least one other private equity firm (if not more) approached DST with deal offers of around $65 per share (valuing the firm at $3 billion) in recent months, though DST rejected all the offers.

DST is also a part-owner of Boston Financial Data Services. BFDS is a joint-venture with State Street.

Reuters talked with Glass himself, as well as an at least one off-the-record source.

Those offers are 34.5 percent above DST's Wednesday close price of $48.31 per share, and 21.7 percent below DST's $83 per share price from 2007, prior to the financial crisis. Glass wants DST to at least consider a sale to someone.

"We would like the company to hire an investment banking firm to consider strategic alternatives, including a sale or auction," Glass reportedly told Reuters.

Meanwhile, DST's top shareholder (who holds 20 percent of the company), George Argyros insisted to Reuters that he is "a long-term holder." 

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