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Possible buyer Temenos has withdrawn its initial all-share proposal after discussions broke down last week, but investors ValueAct Capital and CVC are still weighing up their options for the 2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