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

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

Often seen as a passion project, or part of a philanthropic venture, rare and fine stringed instruments offer an exciting option to diversify one’s investment portfolio while providing an opportunity for an exceptional long-term investment.