CC, White & Case and WilmerHale join advisers on £500m-plus GlobeOp bidding
Clifford Chance (CC), White & Case and Wilmer Cutler Pickering Hale and Dorr have won roles on the bidding battle for hedge fund administrator GlobeOp, after US software company SS&C Technologies last week trumped an earlier offer from buyout house TPG Capital. CC corporate partner Steven Fox, who joined the magic circle firm last year from Ashurst, is leading the firm's team advising SS&C on UK law alongside CC partners Lee Coney (corporate), Roderick McGillivray (finance), Simon Crown (regulatory) and Sonia Gilbert (employment).
March 20, 2012 at 08:02 PM
2 minute read
Clifford Chance (CC), White & Case and Wilmer Cutler Pickering Hale and Dorr have won roles on the bidding battle for hedge fund administrator GlobeOp, after US software company SS&C Technologies last week trumped an earlier offer from buyout house TPG Capital.
CC corporate partner Steven Fox (pictured), who joined the magic circle firm last year from Ashurst, is leading the firm's team advising SS&C on UK law alongside CC partners Lee Coney (corporate), Roderick McGillivray (finance), Simon Crown (regulatory) and Sonia Gilbert (employment).
SS&C – which has made a cash offer of 485p a share for GlobeOp, valuing it at £572m – has instructed longstanding adviser WilmerHale to provide US law advice, with the firm fielding a team led by corporate partner John Burgess alongside finance partners John Sigel and Justin Ochs.
The bid marks an 11% premium on TPG's bid of 435p a share. The target's independent directors have recommended SS&C's offer, withdrawing their recommendation of TPG's offer.
White & Case is also involved in the deal, advising SS&C's financial adviser Deutsche Bank. The US firm's team is led by London corporate partner Philip Broke.
The news comes a month after Linklaters and Ashurst took lead roles for TPG Capital and GlobeOp respectively.
Linklaters is advising buyout house TPG, fielding a team led by corporate partner Charlie Jacobs, while Ashurst is advising the target with a team under London corporate partners Stephen Lloyd and Jonathan Earle.
Advice on antitrust issues was provided by Ashurst's chief economist Matt Hughes, with partner Rob Moulton handling regulatory advice. Corporate partner and recent recruit Isabelle Lentz provided Luxembourg advice.
The role for Ashurst marked a first-time instruction for the firm, which won the client after a tender process in 2010. Previously, GlobeOp had used US firm Weil Gotshal & Manges as its preferred law firm.
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