Sunday, 29 November 2015
Last updated 2 days 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…