WINDSOR, Conn., March 31, 2016 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC), a global provider of financial services software and software-enabled services, today announced that the U.S. Federal Trade Commission (FTC) has granted antitrust clearance allowing for the acquisition by SS&C's Chairman and CEO of voting securities in the company.
Mr. Stone was holding approximately 2.7 million non-voting shares and, under applicable law, he could not convert these shares into voting securities or acquire additional SS&C voting shares without the Hart-Scott-Rodino (HSR) clearance. Under SS&C's Certificate of Incorporation, Mr. Stone had the right to convert his non-voting shares to voting shares at any time.
On March 16, 2016, SS&C and Mr. Stone had filed a request with the FTC for HSR clearance that would allow him to effect the conversion and also permit him to acquire additional voting shares of SS&C over the next five years, should he elect to do so.
Yesterday, FTC has granted early termination of the 30-day waiting period and, subsequently, Mr. Stone's non-voting shares were converted to voting shares.
Certain information contained in this press release may constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Without limiting the foregoing, the words "believes", "anticipates", "plans", "expects", "estimates", "projects", "forecasts", "may" and "should" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements are accompanied by such words. Such statements reflect management's best judgment based on factors currently known but are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. The Company cautions investors that it may not update any or all of the foregoing forward-looking statements.
About SS&C Technologies
SS&C is a global provider of investment and financial software-enabled services and software for the global financial services industry. Founded in 1986, SS&C is headquartered in Windsor, Connecticut and has offices around the world. Some 10,000 financial services organizations, from the world's largest institutions to local firms, manage and account for their investments using SS&C's products and services. These clients manage an aggregate of over $44 trillion in assets.
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