According to the terms of a recommended transaction, all of the issued and to be issued share capital of GlobeOp will be acquired for 485 pence ($7.63) per share in cash.
Approved by the board of directors of SS&C and the independent directors of GlobeOp, the transaction will be implemented by way of a takeover offer extended to all shareholders of GlobeOp.
GlobeOp chairman Ed Nicoll said that the SS&C offer represented a material premium to the TPG offer.
"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," Nicoll added.
TPG proposed a 435p per share cash offer for GlobeOp, valuing it at the time at £508m, which equaled a 48.5% premium on the company’s share in February.
Established in 2000, the LSE-listed GlobeOp has about 200 clients covered from 11 offices in five countries with over 2,200 employees and assets under administration of $174 billion as at 31 December 2011.
