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IT group Misys jumps 9% after revealing bid approach from US private equity firm

Vista Equity Partners considers cash offer, stepping into agreed merger between Misys and Swiss rival Temenos

Shares in Misys have jumped 9% after a US private equity firm stepped in to try and scupper an agreed all-share merger between the banking software specialist and Swiss rival Temenos.

Talk of a possible rival bid had swirled round the market for a number of days, and Misys has now confirmed it has received an approach from Vista Equity Partners about a possible cash offer for the company. Reports suggested a price of around 360p a share, which push Misys shares up 27.5p to 337.1p.

Vista made clear there was no guarantee it would make an offer, and in any case the proposal was subject to due diligence and a boardroom recommendation. Making the job harder is the fact that Misys chief executive Mike Lawrie has already announced he is stepping down from the company in March, following the agreement with Temenos.

Under the Swiss deal, 4.1 Misys shares would be exchanged for each Temenos share, leaving Misys shareholders with 53.9% of the combined group and Temenos shareholders with 46.1%.

Last year a proposed bid from US group Fidelity National Information Services – thought to be worth around 400p – fell through after Misys said the offer undervalued the company. © 2012 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds