SS&C Technologies Holdings Inc. (SSNC) agreed to buy hedge-fund administrator GlobeOp Financial Services SA (GO/) for 572 million pounds ($897 million), usurping a bid from private-equity firm TPG Capital.
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, which bid 435 pence on Feb. 1, said in a separate statement shareholders should take no action.
SS&C’s bid “represents a material premium to the TPG offer,” GlobeOp Chairman Ed Nicoll said in the statement. GlobeOp’s “independent directors intend to recommend unanimously that GlobeOp shareholders accept the offer.”
The stock rose 1.6 percent to 495 pence as of 4:20 p.m. in London, for a market value of about 530 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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