logo
Share SHARE
FONT-SIZE Plus   Neg

CVC, ValueAct Continue To Consider Options For Misys - Update

Funds advised by CVC Capital Partners Limited and ValueAct Capital Master Fund, L.P. continue to consider their options with regard to banking software maker Misys Plc (MSY.L, MUSJF.PK), which earlier in the day announced an agreement to be acquired by an investment vehicle owned by US-based private equity firm Vista Equity Partners for 350 pence per share.

Misys had several suitors, including a joint bid from CVC Capital Partners Ltd. and ValueAct Capital, the largest shareholder in Misys. The company's talks with Switzerland-based rival Temenos Group AG ended last week as the parties couldn't agree on the final terms of a transaction.

The current offer price represents a premium of 7.5 per cent to the closing price of its shares on February 2, the last business day prior to the announcement of discussions between Misys and Temenos regarding a possible combination. The deal is estimated to have a total value of about 1.3 billion pounds ($2.1 billion).

An independent committee of Misys directors has unanimously agreed to recommend that Misys shareholders vote in favor of the deal.

Established in 1979, Misys has presence in Europe, the US, Asia, the Middle East and Africa. It serves over 1,300 customers, including all of the world's top 50 banks. Its solutions enable customers to cut costs, manage risk, meet regulatory requirements and realize competitive advantages.

CVC and ValueAct together are exploring options including a possible recommended joint cash offer for the company, a statement said today. They urged Misys shareholders to take no action at this time.

"However, there can be no certainty that an offer will be made by CVC and ValueAct, nor, if made, that a transaction will result,"the statement added.

MSY.L is currently trading at 355.90 pence, up 26.40 pence or 8.01 percent, on a volume of 16.61 million shares compared to a 3-month average volume of 2.92 million shares.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Live-streaming video platform Twitch said it will launch a new affiliate program for non-partnered streamers that will allow them to earn money as they broadcast on the platform. This will be similar to YouTube's Partner program and is part of Twitch's efforts to broaden its appeal. Chocolate company Hershey Co. said it will increase the visibility of nutrition information and portion options of its snacks as well as reduce the sweets' calorie count. The move is part of the company's ongoing efforts to offer a broad range of snacks and clear information in response to feedback from consumers, who are shifting to healthier foods. The Coca-Cola Company (KO) reported a profit for the first-quarter of 2017 that declined 20 percent from the prior year. Net revenues declined 11%, reflecting unfavorable impacts from structural changes of 10% and foreign currency of 1%. The company remains on track to deliver its underlying revenue and profit targets for the full year.
comments powered by Disqus
Follow RTT