Sunday, 26 March 2017
Last updated 1 day ago
Apr 24 2012 | 5:50am ET
Despite the fact that it no longer has any competition, SS&C Technologies will have to wait a little longer to consummate its deal for hedge fund administrator GlobeOp Financial Services.
Yesterday was SS&C's deadline for investors to accept its US$922 million offer for GlobeOp. But even though private equity firm TPG Capital announced on Friday that it would not attempt to top SS&C's price, shareholders representing only 24.9% of GlobeOp's outstanding shares voted for the SS&C deal.
Of course, the nearly 44% of shares already pledged to the TPG deal will not become available to SS&C until that bid formally lapses tomorrow. SS&C requires 70% approval.
SS&C said today that it had extended its deadline until May 8.