TPG Capital's hold on agreed bid target GlobeOp Financial Services SA loosened further after investors which had signed up to its £508 million ($799.5 million) offer opted to sell stakes on a market excited by the prospect of a competing bid.

Carlyle Group-backed SS&C Technologies Holdings Inc. had Sunday emerged as a surprise new contender for the London and New York-based financial administration-services company, saying it had been conducting due diligence since mid-January and may make an offer.

Investors accounting for 43.9% of GlobeOp had earlier said they would accept a recommended TPG offer announced on Feb. 1 but one of them, Standard Life Invesments Ltd., disclosed Friday, Feb. 10, it had sold all but a 0.62% stake in GlobeOp, while Sageview Capital MGP LLC, disposed of its 3.3% holding on Thursday, Feb. 9.

In the initial bid battle, TPG, of Fort Worth, Texas outbid the only other confirmed suitor, Advent International Corp. of Boston. Under revised U.K. takeover rules the Feb. 1 deal carried no breakup fee and GlobeOp, led by chairman Ed Nicoll, made clear Monday it would continue to entertain other potential offers, while maintaining its support for the TPG bid.

GlobeOp shares by mid-morning in London Friday were trading down 1.75 pence at 454.20 pence, holding well above a TPG offer of 435 pence per share. TPG's bid assigns an enterprise value multiple to GlobeOp of 11 times adjusted operating profit in the year ended June.

SS&C is a Windsor, Conn., maker of financial software listed on Nasdaq, with a market value of just under $1.45 billion. It has been a Carlyle portfolio company since a $941 million buyout in November 2005, and the Washington firm now owns a 35% stake, with three representatives on SS&C's eight-member board.

SS&C's confirmation of its interest set a 28-day timetable in motion for it to deliver a firm offer or retreat, though Takeover Panel rules allow for a target to request an extension.

TPG's financial adviser is a J.P. Morgan Cazenove Ltd. team including Barry Weir and James Thomlinson. An Evercore Partners Inc. team including Edward Banks is advising GlobeOp.