logo
Plus   Neg
Share
Email
Comment

Misys Shareholders Approve Acquisition By Vista Equity Partners - Quick Facts

Misys Plc (MSY.L, MUSJF.PK) confirmed Tuesday that its shareholders have approved an offer from Vista Equity Partners to acquire the total issued share capital of the company for an offer price of GBP 3.50 per share. The level of approval exceeded 99% of the votes cast.

Vista has stated that it believes that Misys has an attractive future that it
intends to invest in.

The transaction will see Vista bring together the Misys business with Turaz, a
provider of trade and risk management software globally, creating the
global leader in core banking, treasury management, capital markets and
enterprise risk management software.

The company said that Court and Regulatory processes will now proceed and the Scheme of Arrangement is expected to become effective on 15 May 2012.

Completion of the Scheme remains subject to the High Court of Justice of
England and Wales sanctioning the Scheme, the hearing in respect of which is
expected to take place on 10 May 2012, and confirming the Reduction of Capital, the hearing in respect of which is expected to take place on 14 May 2012.

In early April, Funds advised by CVC Capital Partners Ltd. and ValueAct Capital Master Fund, L.P. had confirmed that they have no intention to proceed with an offer for Misys, clearing way for US-based private equity firm Vista Equity Partners, LLC to buy the British banking software firm for 350 pence per share.

On March 19, Misys agreed to a 1.3 billion pounds or $2 billion firm offer made by San Francisco-based Vista after ending talks with Switzerland-based rival Temenos Group AG.

It was early in March that CVC and ValueAct, the largest shareholder in Misys, announced their intention to make a recommended joint cash offer for Misys.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
HP Inc. (HPQ), the PC and printer business of the former Hewlett-Packard Co., on Thursday reported a profit for the first quarter that increased from last year and trumped analysts' expectations driven largely by a higher-than-expected revenues. The PC giant detailed a second-quarter and full year... Hormel Foods Corp. (HRL) reported a profit for the first quarter of fiscal 2018 that increased 28.9 percent from the prior year. Total net sales grew 2.2 percent from last year. Earnings per share topped analysts' expectations, while quarterly revenues missed their estimates. The company raised annual earnings per share guidance due to U.S. tax reform, while it maintained annual net sales outlook. Shares of Deutsche Telekom AG were losing around 3 percent in the morning trading in Germany after the telecom giant reported Thursday a decline in fourth-quarter EBITDA, a key earnings metric, with weak revenues. However, the company recorded a net profit, compared to loss last year on positive US tax effect. Deutsche Telekom lifted its dividend and said it expects higher earnings in 2018.
comments powered by Disqus
Follow RTT