Misys rises as Ivan Martin, Sungard join bid rumour mill
03 July 2006 | 12797 views | 0
Shares in Misys have moved ahead amid unsourced reports that former banking systems boss Ivan Martin is in talks with private equity groups about a potential £1 billion offer for the company and rumours surface of possible bid interest from Sungard Data Systems.
The stock gained almost six per cent in early Monday trading rising 12.75 pence to stand at 227.5 pence at 9.30 am London time. The uplift followed reports in Sunday newspapers of potential rival bidders to a management-led takeover.
The Daily Telegraph reported that Ivan Martin, who quit the group back in December after ten years with the company, is looking to raise private equity interest in a £1 billion offer for the company. Such a move would pit him against incumbent chief executive Kevin Lomax, who is spearheading a possible management buy out.
The Sunday Times added to the intrigue with a report that SunGard - itself the subject of a private equity take-over last year - has registered its interest with JPMorgan Cazenove, advisers to Misys' independent directors.
Bids from either Sungard or Martin would likely lead to the break-up of the company as the core banking systems business was retained but the retail finance and healthcare divisions divested.