Monday, 29 August 2016
Last updated 2 days ago
Mar 26 2012 | 2:35pm ET
SS&C Technologies has made its offer for hedge fund administrator GlobeOp Financial Services official.
Windsor, Conn.-based SS&C has given GlobeOp shareholders until April 23 to accept its $818 million offer. That's slightly more than a month after TPG Capital's offer for the administrator, which SS&C topped earlier this month by 11%.
It is unclear whether TPG plans to challenge the SS&C offer, which has been recommended by GlobeOp's board of directors. TPG has not withdrawn its weaker offer, but has received only 4.61% support from shareholders.
SS&C will move forward with the acquisition if it wins the support of 70% of GlobeOp shareholders.
SS&C has been conducting its due diligence on GlobeOp since January, when the administrator put itself up for sale due to low share price.