SS&C Technologies Holdings, Inc.("SS&C") (Nasdaq:SSNC) and GlobeOp Financial Services S.A. ("GlobeOp") (LSE:GO) announced today the terms of a recommended transaction under which SS&C (through a wholly-owned subsidiary, SS&C Technologies Holdings Europe S.a r.l.("Bidco")), will acquire all of the issued and to be issued share capital of GlobeOp for 485 pence ($7.63) per share in cash (the "Offer"). The transaction has been unanimously approved by the board of directors of SS&C and the independent directors of GlobeOp. The independent directors of GlobeOp unanimously intend to recommend that its shareholders accept the Offer.
The transaction will be implemented by way of a takeover offer extended to all shareholders of GlobeOp.
GlobeOp is an independent financial administrator specialising in middle and back-office services and integrated risk reporting to hedge funds, managed accounts and fund of funds. GlobeOp also provides expertise to asset management firms and other sectors, including family wealth offices, insurance companies, pension plans, corporate treasuries and banks.
GlobeOp was established in 2000 and listed on the London Stock Exchange in July 2007. GlobeOp now has about 200 clients covered from 11 offices in 5 countries with over 2,200 employees. Assets under administration have grown to $174 billion as at 31 December 2011.
Commenting on the Offer, Ed Nicoll, Chairman of GlobeOp, said:
"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 of GlobeOp believe the SS&C offer represents a superior proposal to the TPG offer and have therefore decided to recommend the Offer to all GlobeOp shareholders."
Bill Stone, Chief Executive Officer and Chairman, SS&C Technologies Holdings, Inc., said:
"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."