GlobeOp Spurns TPG, Accepts SS&C Offer

Mar 15 2012 | 2:39am ET

For the second time in as many months, GlobeOp Financial Services has made a deal for itself.

The London-based hedge fund administrator yesterday accepted a £572 million (US$897 million) bid from SS&C Technologies. SS&C's offer topped that made by private equity giant TPG Capital in February by more than 11%.

"We welcome the SS&C offer which represents a material premium to the TPG offer," GlobeOp Chairman Ed Nicoll said.

"The independent directors believe the SS&C offer represents a superior proposal to the TPG offer and have therefore decided to recommend the SS&C offer to all GlobeOp shareholders."

For its part, TPG urged GlobeOp shareholders to take no action on SS&C's offer. Shareholders representing 70% of GlobeOp's outstanding shares will have to approve the deal.

GlobeOp put itself up for sale in January, citing its low share price.


In Depth

Star Fund Managers Battered By Rocky Ride In Yields, Currencies

May 28 2015 | 6:05am ET

Some of the biggest names in the investment world have been whipsawed by the recent...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

The Road To Tax Alpha

May 28 2015 | 5:36am ET

Tax-related alerts are increasingly helping investment managers harvest tax alpha...

 

Sponsored Content

Editor's Note