Fidelity revealed as £1.5bn Misys suitor

American software firm Fidelity National Information Services was yesterday revealed as the suitor aiming to buy UK peer Misys for £1.5 billion.

The British supplier of software to banks, fund managers and traders said earlier this week it had received a bid approach.

Now the potential buyer has been revealed as US-listed Fidelity and analysts said Misys was taking the offer seriously and had opened its books.

City watchers have said a deal could be struck at more than 450p a share, valuing the group at about 1.5bn, with some claiming the final offer could be higher.

Matrix analyst Rajeev Bahl said a purchase of Misys would help Fidelity break out of its maturing US-focused core market to sell its own products in eastern Europe, Africa, the Middle East and parts of Asia, where the British group already has a strong presence.

Tom Gidley-Kitchin, at Charles Stanley, said it was "reasonable" to accept a price of 450p as a lower level, taking into account synergies between the two firms and Misys' "rarity value".

He added: "You'd be looking to value Misys on an acquisition basis, not in terms of its current value. One can feel quite optimistic about the price that may be obtained. We wouldn't be advising anyone to sell below 450p. It could well be higher than that."

Other competitors may also be tempted to bid.