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.

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