The deadline for GlobeOp shareholders to approve SS&Cs 517 million (485 pence per share) bid for the fund administrator has been extended to Monday, May 14 at 1 p.m. BST from yesterday, May 8 at 1 p.m. BST, SS&C said today in a statement.
70% of GlobeOp shareholders need to approve itfor the deal to go through. As at 1.00 p.m. (London time) yesterday, SS&C had received acceptances of the offer in respect of 66,785,197 GlobeOp Shares representing approximately 62% of GlobeOps existing share capital. SS&C said no acceptances were received in respect of GlobeOp shares subject to any such irrevocable commitment or letter of intent.
GlobeOp had 107,686,414 of shares in issues at May 4 2012.
Members of the GlobeOp board and management, who together hold 22.4% of the companys shares, accepted the offer May 4 and urged shareholders to do the same. Earlier, on April 24, SS&C said 24.9% of GlobeOp shareholders had also accepted its cash offer.
Private equity firm TPG made an initial offer of 508 million for GlobeOp in February but bowed out when SS&C trumped the bid.
SS&C, meanwhile, released its first quarter earnings statement Monday, saying it collected $93.7 million in revenue compared to $89.0 million in the first quarter of 2011.
Fund administration is where we see a lot of potential, and we believe we are in an excellent position,” Bill Stone, chairman and CEO of SS&C Technologies Holdings, said in the earnings statement. “We continue to see big opportunities in the fund services marketplace and we have won a number of large mandates in the second quarter.
The earnings statement said SS&C recorded transaction costs of $4.2 million in the first quarter related to the GlobeOp offer, and recorded a gain of $4.4 million related to a currency hedge put in place for the proposed acquisition.
Christopher Gohlke