SS&C has proposed a higher offer for independent fund administrator GlobeOp. The improved proposal would see GlobeOp shareholders receiving 485 pence in cash for each GlobeOp share. The proposal builds on discussions entered into between the independent directors of GlobeOp and SS&C following an initial proposal on February 23 regarding a possible cash offer for the company.
The proposed offer is higher than private equity firm TPGs offer of 435 pence cash, agreed in early January.
An increase in GlobeOps share price suggests TPG is expected to return with a higher bid.It emerged in early January that GlobeOp was in talks with several private equity firms, including TPG, about a possible takeover. The administrator says it had $173 billion in assets under administration as of December 21 2011.
The fund administrators Independent Directors have indicated that, subject to the finalization of the terms and conditions of SS&Cs offer, they would be willing to recommend an offer made by SS&C at this level.
SS&C said it continues to conduct due diligence on GlobeOp and added that there can be no certainty that an offer will be made by SS&C.
(JDC)