Sunday, 26 February 2017
Last updated 2 days 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.