Misys opens books to bidders
25 July 2006 | 6750 views | 0
UK financial software firm Misys says it will open its books after receiving indicative offers for all or part of the business from a number of parties, including senior management.
In a statement Misys says an independent committee has evaluated the offers with its advisers and has concluded that "it is in the best interests of shareholders to allow certain parties access to specific non-public information in order to carry out due diligence".
Misys shares rose 4.40% in morning trading to 247.25 pence following the statement.
The vendor was effectively put up for sale last month when members of its senior management led by chief executive Kevin Lomax put forward a possible management buyout proposal.
Private equity houses Permira and General Atlantic Partners, fintech giant SunGard and Misys' former banking systems boss Ivan Martin have since emerged as potential takeover candidates.
However last week three former directors of Misys - Ross Graham, John Sussens and Mike O'Leary - proposed a "management walk-in" and are seeking to take control of the company in a bid to prevent shareholders selling the business on the cheap.