Thursday, 21 August 2014
Last updated 12 hours ago
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.
Aug 4 2014 | 7:42am ET
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The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note