TPG Won't Top SS&C's $897M Bid For GlobeOp

Law360, New York (April 20, 2012, 2:43 PM EDT) -- Private equity firm TPG Capital announced Friday that it will not up its ante in a bidding war over British hedge fund administrator GlobeOp Financial Services SA, buckling under Connecticut-based SS&C Technologies Holdings Inc.'s latest £540 million ($897 million) bid.

The decision means TPG will let its current offer of £508 million expire on April 25 and formally gives SS&C the green light to proceed with its cash- and debt-financed buyout of GlobeOp. TPG, which owns a 27 percent stake in GlobeOp through its indirectly owned...
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