SS&C Technologies Holdings Inc. (SSNC) offered to buy GlobeOp Financial Services SA (GO/) for about 517 million pounds ($816 million), trumping TPG Capital Inc.’s bid for the hedge-fund administrator.
SS&C offered 485 pence a share in cash, the Windsor, Connecticut-based developer of software for financial firms said in a statement today. TPG, the private-equity firm run by David Bonderman, bid 435 pence on Feb. 1.
GlobeOp’s “independent directors have indicated that, subject to the finalization of the terms and conditions of the offer, they would be willing to recommend an offer made by SS&C at this level,” the bidder said today. TPG, in a separate statement, said SS&C’s approach was subject to finalization of terms and conditions and urged investors to take no action.
The stock rose 6.7 percent to 488.5 pence as of 1:15 p.m. in London, for a market value of about 521 million pounds. The shares closed at 293 pence on Jan. 5, the day before GlobeOp said it was in talks to be acquired.
SS&C, which started due diligence on London-based GlobeOp in January, agreed last month to buy Portia, which helps money managers track and manage portfolios, for $170 million.
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