GlobeOp Financial Services, one of the leading suppliers of back office support to hedge funds, said today that it is in takeover talks with two private equity houses.
It has hired Evercore Partners to oversee a review of its "strategic options", including to sell to Advent International and TPG Capital.
The firm, founded in 2000 and floated in 2007, reckons the present share price "significantly under-values" the business's prospects. At 293p, it is valued by the stock market at ?309 million. City sources say the private equity bidders will have to come up with notably more than that for any deal to go through.
Management including chief executive Hans Hufschmid, a former Solomon Brothers banker, have a stake in the business and would to do well from a successful bid.
Chairman Ed Nicoll said in a state-ment: "GlobeOp is performing extremely well and we are confident of continuing the strong growth of the business under our current ownership structure. Nevertheless, the board felt it right to explore options which could enhance the interests of clients, employees and shareholders."
GlobeOp provides risk reporting and other services to around 200 clients that collectively oversee funds of $173 billion (?112 billion). It employs 2000 in 10 offices, including ones in London, New York and the Cayman Islands.
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