SS&C Technologies Holdings Inc. said it’s in talks with GlobeOp Financial Services SA about making a 517 million-pound ($816 million) offer for the hedge-fund administrator, trumping a bid from TPG Capital.
SS&C said its approach is valued at 485 pence a share, 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.
“This is clearly not over yet,” Jonathan Imlah and Janaka Ariyasena, analysts at Collins Stewart in London, said in a report to client today. SS&C’s approach, though, is “still not in the knockout category. That would have to start with a five.”
The stock rose 6.6 percent to 488 pence as of 2:10 p.m. in London, for a market value of about 520 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.