GlobeOp directors prepared to back improved SS&C offer

Source: GlobeOp

On 23 February, SS&C Technologies Holdings, Inc. ("SS&C") made a proposal to the independent directors of GlobeOp (the "Independent Directors") regarding a possible cash offer for the Company.

Following further discussions between SS&C and the Independent Directors, SS&C made an improved proposal, under which GlobeOp shareholders would be entitled to receive 485 pence in cash for each GlobeOp share.

The Independent Directors have indicated that, subject to the finalisation of the terms and conditions of the offer, they would be willing to recommend an offer made by SS&C at this level.

For the purposes of Rule 2.5(a) of the Code, SS&C reserves the right to make an offer at any time at a value below 485 pence per share: (i) with the agreement and recommendation of the Independent Directors; (ii) where the issued share capital of GlobeOp is greater than 106,752,499 GlobeOp shares (save for any increase arising as a result of the exercise or vesting of existing awards under existing schemes, plans or equivalent), in which case there would be a pro rata reduction in the offer price; or (iii) GlobeOp announces, declares or pays a dividend or any other distribution to its shareholders, in which case there would be an equivalent reduction in the offer price.

SS&C continues to conduct due diligence on GlobeOp and urges shareholders to take no action in respect of the offer by GEO 3 & Co. S.C.A..

There can be no certainty that an offer will be made by SS&C. A further announcement will be made when appropriate. 

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