SS&C Tops TPG Offer For GlobeOp

Mar 8 2012 | 12:43pm ET

There's a fight on for hedge fund administrator GlobeOp Financial Services.

SS&C Technologies today made a formal offer for the London-based company, besting the bid made slightly more than a month ago by private equity firm TPG Capital. SS&C offered £4.85 per share, about £517 million in total, 11% more than TPG's offer of £4.35 per share.

Windsor, Conn.-based SS&C added that GlopeOp's "independent directors have indicated that, subject to the finalization of the terms and conditions of the offer, they would be willing to recommend an offer made by SS&C at this level," despite the fact that GlobeOp has already accepted TPG's offer. For its part, TPG urged shareholders to take no action.

SS&C had been performing due diligence on GlobeOp since January, when the company put itself up for sale due to its low stock price. The prospect of a bidding war has done wonders for that, with GlobeOp's share price jumping more than 70% since the beginning of the year.

SS&C's bid for GlobeOp comes just a week after it agreed to pay $170 million for Thomson Reuters' middle-and-back office business, Portia.


In Depth

GSAM’s Papagiannis on Liquid Alternatives

May 25 2016 | 5:07pm ET

The popularity of liquid alternatives strategies has blossomed in recent years,...

Lifestyle

From Modern Trader: Stephen Curry is a Black Swan

May 18 2016 | 7:43pm ET

What do the rise of the Internet, the sinking of the Titanic, 9/11, and Stephen...

Guest Contributor

LendingClub and the Question of Internal Hedge Funds

May 19 2016 | 8:42pm ET

Peer-to-peer lending platform LendingClub Corp. has been in the news since the firm...