logo
Share SHARE
FONT-SIZE Plus   Neg

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
Electric car maker Tesla Motors Inc. (TSLA), Wednesday reported a loss for the fourth quarter that was narrower than last year. The company said it expects to start volume production of Model 3 by September. Palo Alto, California-based Tesla reported fourth-quarter loss of $121.3 million or $0.78... Canada based Maple Leaf Foods Inc. Wednesday said it has reached a definitive agreement with Brynwood Partner VI L.P. for the acquisition of Lightlife Foods Inc. The deal would be worth $140 million plus other costs. Light is a brand in U.S. for refrigerated plant based protein foods. A hedge fund is an alternative investment fund that uses pooled funds from accredited individuals or institutional investors and invests these funds in different assets with a goal of generating high returns. Hedge funds are generally accessible only to accredited or qualified investors. They cannot...
comments powered by Disqus
Follow RTT