Misys accepts Vista Equity offer

21 March 2012 US and London
Reporter: Georgina Lavers

Image: Shutterstock

Financial software services provider Misys has agreed to Vista Equity Partner’s £1.26 billion bid, with its board telling shareholders the 350 pence-a-share cash deal is: ‘unlikely to be bettered.’

Possible buyer Temenos has withdrawn its initial all-share proposal after discussions broke down last week, but investors ValueAct Capital and CVC are still weighing up their options for the 2 April bid deadline.

Management of the company should US-based Vista complete its deal in May is unsure, with current CEO Tom Kilroy intending to return to a general counsel role after stepping briefly into the shoes of former CEO Mike Lawrie, who left to join CSC in February.

Misys’ year-to-date revenue to the end of the company's third fiscal quarter ended Feb. 29 fell three per cent from a year earlier, with Kilroy commenting that deterioration in trading reflected uncertainty from customers about the future of the company's ownership.

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