Misys shares rise as FIS deal nears

Misys shares rise as FIS deal nears

Shares in UK core banking vendor Misys rose nine per cent in morning trading as expectations rose that its proposed takeover by US firm FIS is nearing completion.

According to Bloomberg, citing people with knowledge of the matter, Misys' board was set to vote on the FIS offer yesterday and a deal could be announced this week.

Shares in the UK firm were up by nine per cent, to 415.75 pence, by 11.40 GMT this morning recovering after a dip last week in the wake of a profit warning from rival vendor Temenos.

FIS made no mention of the Misys deal yesterday when it posted its second quarter results that beat market expectations. Revenue from continuing operations was $1.44 billion, up 13.4% on Q2 2010, while net earnings attributable to shareholders was $123.5 million, compared to $89.9 million.

Misys will release its preliminary full year results next Thursday.

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