Vista Equity Partners to scupper Temenos-Misys merger with £1.2bn offer
21 Feb 2012
US private equity group Vista Equity Partners has made a rival £1.2-billion offer for British banking software firm Misys, torpedoing an agreed all-share merger between competing rivals Misys and Switzerland's Temenos.
San Francisco-based Vista has made an indicative offer of 360 pence per Misys share, a 16-per cent premium on the banking software company's closing price of 309.6 pence on 17 February.
Vista said that it was conducting due diligence on Misys and has until 19 March to announce its intention to bid or withdraw its offer.
Misys said that it has received an offer ''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.''
Although most of Misys large investors have approved the Temenos all-share offer, including its biggest shareholde, ValueAct which holds 21.5 per cent, an all-cash bid will appeal to Misys shareholders, and the Swiss company may now have to raise its offer with a cash component, say analysts.
Misys had last year been in talks with Fidelity National Information Services, but the US firm walked away when the two could not agree on the £1.4 billion offer.
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