Monday, 4 May 2015
Last updated 49 min ago
Apr 20 2012 | 8:49am ET
Private equity firm TPG Capital today all but ended its quest to buy hedge fund administrator GlobeOp Financial Services, saying it would not improve its February bid for the firm.
TPG offered £4.35 per share for GlobeOp in February. But a month later, SS&C Technologies offered £4.85 per share, a bid GlobeOp accepted.
In the face of the higher offer, TPG extended its deadline for GlobeOp shareholders to accept its bid to April 25, two days beyond SS&C's deadline, raising shareholder hopes that it would trump the latter's offer at the last minute. But TPG said today it would not do so.
"Over the past few weeks, TPG had been pursuing a number of strategic alternatives in order to revise its offer," it said. "However, after substantial investigation, TPG has determined that an improved offer could not be concluded on terms which would deliver sufficiently strong returns to all stakeholders."
TPG's announcement clears the way for GlobeOp investors to accept the SS&C offer by Monday. Support for TPG's bid has dropped from almost 44% of shares to less than 28%; SS&C requires only 70% approval for its bid.
GlobeOp last week said its assets under administration increased by 7.5% to US$187 billion in the first quarter, thanks to nine new clients.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…