by Laura Board | Published April 20, 2012 at 8:08 AM
TPG Capital bowed out of the bidding for GlobeOp Financial Services SA on Friday, April 20, clearing the way for Carlyle Group LP-backed SS&C Technologies Inc. to complete its £527 million ($848 million) takeover.
Windsor, Conn.-based SS&C burst into the bidding with a 485 pence-per-share offer after TPG had on Feb.1 secured the board's backing in principle for a 435 pence bid. TPG said Friday it won't revise its offer and will allow it to lapse.
The Fort Worth, Texas buyout firm said "after substantial investigation, TPG has determined that an improved offer could not be concluded on terms which would deliver sufficiently strong returns to all stakeholders." Its advisers were J.P. Morgan & Co.'s Barry Weir and James Thomlinson. GlobeOp is a Luxembourg provider of administration services to clients including hedge funds. Its shares Friday morning fell 7.5 to 482.5 pence.
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