SS&C has made a recommended cash offer for GlobeOp of 485p per share, a premium of 11.5% over the TPG offer for the company.
SS&C’s offer values GlobeOp at GBP572 million and the transaction is subject to achieving acceptance from at least 70 per cent of shareholders.
Ed Nicoll (pictured), Chairman of GlobeOp, says: "We welcome the SS&C Offer which represents a material premium to the TPG Offer. 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."
William Stone, Chairman and Chief Executive Officer of SS&C, says: "We are very pleased to be announcing our recommended offer for GlobeOp today. 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."
