On July 28, 2005, SS&C entered into a merger agreement with Sunshine Acquisition Corporation and its wholly owned subsidiary, Sunshine Merger Corporation. Under the terms of the merger agreement, SS&Câs stockholders are entitled to receive $37.25 per share in cash, without interest.
Bill Stone, Chairman and Chief Executive, commented, "The combination of Carlyle and SS&C will be a powerful force in financial technology and services. The public shareholders received a very full price for our shares and we are happy to have delivered excellent value to them. Customers and employees of SS&C are excited about this new chapter in our corporate history and we are determined to thrive as a private company. Carlyleâs due diligence process was very rigorous, and the advisors have worked hard to understand our company and help us raise the necessary funds to accomplish this transaction. The entire senior management team is motivated to continue our focus on customers and the quality growth of our product and services. This focus should provide the basis for continued excellent financial results."
Bud Watts , Managing Director of The Carlyle Group, stated, "Weâd like to thank the entire SS&C management team for their considerable efforts in making this transaction happen. We are pleased to have Bill Stone at the helm, and are excited about backing a strong management team with an outstanding track record and a clear strategy for long-term growth. We look forward to supporting the SS&C team as they continue to grow the business. We expect that both SS&C's valued clients and many talented employees will benefit from this growth as SS&C continues to increase the breadth and depth of its value added software and service offerings."
SS&C stock will cease to trade on the NASDAQ National Market at the close of market today and will be delisted. SS&C has appointed American Stock Transfer and Trust Co. as paying agent, who will be charged with mailing a letter of transmittal and instructions to all SS&C stockholders of record. The letter of transmittal will direct stockholders on how to surrender the SS&C common stock they hold.