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Vista begins takeover battle that may scupper Misys-Temenos deal
A TAKEOVER battle broke out yesterday over software firm Misys as US private equity firm Vista Equity Partners made an approach that would scupper an agreed merger between Misys and Swiss peer Temenos Group.
No price was given but analysts speculated that Vista was lining up a 360p a share bid, valuing the banking software supplier at about £1.2 billion.
Vista invests in software and technology businesses and last year bought the trade and risk management business of Thomson Reuters.
Shares in Misys, which forms part of the FTSE 250 index, ended the day up 6.6 per cent, or 20.5p, at 330.1p.
The stock had fallen by as much as 14 per cent since it announced details of the Temenos deal last week.
Under the terms of the all-share tie-up with Temenos, Misys would take a 53.9 per cent stake in the combined group, but Temenos’s chief executive and chairman would lead the management team.
Misys had been in talks with Fidelity National Information Services (FIS) last summer but the US firm walked away when the two could not agree a price.
Analyst Milan Radia at brokerage Jefferies said there had been an opportunity for someone to gatecrash the Misys-Temenos deal because there was no upfront premium.
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Thursday 24 May 2012
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