Misys confirms bid approach

Misys confirms bid approach

Shares in Misys rose over eight per cent in morning trading after the UK banking software and treasury systems vendor confirmed it has received a "preliminary" takeover approach.

The firm has long been the subject of takeover speculation, with its share price up around 30% over the last year, boosting its value to approximately £1.4 billion.

The rumour-mill has gone into overdrive in recent weeks, with a research note by Credit Suisse last month fanning the flames, suggesting that Misys chief Mike Lawrie and 20% shareholder ValueAct would be ready to cash in.

This was quickly followed by another note, from Jefferies, also suggesting a takeover could be in the offing, citing SunGard, HCL and Temenos as potential bidders.

Now, Misys has finally issued a brief statement saying: "The Board of Misys plc notes the recent speculation regarding a possible offer and confirms that it has received a preliminary approach that may or may not lead to an offer being made for the company."

Shares in the vendor were up 32.5 pence, or 8.45%, at 417 pence at 10.45am GMT.

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