Vista wades into Temenos deal for Misys
A BIDDING war has erupted over Misys following news of a potential £1.2bn offer for the British software company less than two weeks after Temenos announced its plans for an all-share merger.
Vista Equity Partners, officed in San Francisco, Chicago and Austin, is thought to have offered 360p per Misys share – a 16 per cent premium on Friday’s closing share price of 310p.
Vista, which has until close of play on 19 March to announce its intention to bid or withdraw from the table, said it was conducting due diligence on Misys.
In a statement, Misys verified the approach “consisting of a non-binding indicative proposal to acquire the entire outstanding share capital of Misys for cash that may or may not lead to an offer being made.”
This latest move has raised eyebrows, as Misys chief executive Mike Lawrie plans to step down in March – with the intention of leaving his firm in the hands of Temenos’ leadership.
But while Misys’ biggest shareholder ValueAct has voiced approval of the Temenos merger, the Swiss software provider may have to raise the terms of its proposal in light of Vista’s arrival.
Despite the benefits of a strategic merger with Temenos, an all-cash bid will appeal to Misys shareholders.
Temenos declined to comment.
Shares in Misys jumped as much as twelve per cent yesterday before dropping slightly to close at £3.30, valuing the company at £1.04bn.