Connecticut-based fintech vendor SS&C Technologies appears to have won the battle for GlopeOp Financial Services with a 485 pence a share cash offer, trumping an earlier bid from TPG Capital.
Earlier this year, hedge fund services provider GlobeOp revealed that it would recommend TPG's £508 million, 435 pence a share, cash offer to its shareholders.
However, SS&C moved quickly to throw its hat into the ring, revealing in early February that had been carrying out due diligence and was mulling a firm offer.
Now SS&C has reached an agreement with GlobeOp independent directors on the terms of a recommended cash offer - through the US firm's subsidiary, Bidco - worth around £572 million, 11.5% more than TPG's.
The independent directors consequently intend to recommend unanimously that GlobeOp shareholders accept the offer and have withdrawn their previous backing of the TPG effort.
Ed Nicoll, chairman, GlobeOp, says: "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."
GlobeOp was established in 2000 and listed on the London Stock Exchange in July 2007. It now has about 200 clients covered from 11 offices in five countries with over 2200 employees. Assets under administration have grown to $174 billion as at 31 December 2011.
The deal marks the second big acquisition play by SS&C in less than a month. The company agreed a deal with Thomson Reuters in late February to acquire its middle-to-back office investment operations platform for $170 million.