New York (HedgeCo.net) – European Tech Company SS&C has made a recommended cash offer for hedge fund administrator GlobeOp. GlobeOp Financial Services (LSE:GO.) is an independent provider of business process outsourcing, financial technology services and analytics to hedge funds and other sectors of the financial industry, including family wealth offices, insurance companies, pension funds, corporate treasuries, and private / regional banks.
· 485p per GlobeOp share
· A premium of 11.5% to the TPG Offer
· Offer values GlobeOp at £572 million ($906.867 million)
· The transaction is subject to achieving 70% acceptances
· Deutsche Bank is acting as financial adviser to SS&C. Evercore Partners is acting as financial adviser to GlobeOp.
“We welcome the SS&C Offer which represents a material premium to the TPG Offer.” Ed Nicoll, Chairman of GlobeOp, said, “We have been working with SS&C since 14 January 2012 in order to maximise value for GlobeOp Shareholders and are pleased that SS&C has made an offer at an attractive price. 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.”
“We are very pleased to be announcing our recommended offer for GlobeOp today.” William Stone, Chairman and Chief Executive Officer of SS&C, said, “GlobeOp management and employees have built a strong business, with leading products and services for its growing, world-class customer base. Together, we will be well positioned to serve our customers with an enhanced product suite, offer exciting opportunities to our employees, and create value for our shareholders.”
SS&C Technologies Holdings, Inc. (Nasdaq: SSNC), is a global provider of financial services software and software-enabled services. Last month SS&C acquired Thomson Reuters PORTIA, an industry middle-to-back office investment operations platform, for $170 million. The transaction is scheduled to close in the second quarter of 2012, subject to regulatory approval and satisfaction of customary closing conditions.