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
Federal Aviation Administration said several pilots complained about pointing of strong green laser beams at planes flying over Long Island. The location was around Farmingdale, during 9.30 pm and 10 pm. Searches are on to locate the exact source of the laser beam. The Federal official suspects that the beam came from a hand-held device. Discount retailer Big Lots, Inc. Friday reported an increase in income from continuing operations for the first quarter, from last year. The company also registered a surge in net income particularly as it had carried a loss from discontinued operations last year. Taco Bell, a division of Yum! Brands Inc, is planning to test delivery of food items on college campuses, the Street reported. The move comes at a time the fast food chain seeks to leverage demand for its popular breakfast and dinner items.
comments powered by Disqus
Follow RTT