Misys shares edge up on M&A rumours

Misys shares edge up on M&A rumours

Shares in Misys have moved up on rumours that private equity firms are running the rule over the UK vendor's proposed merger with Swiss core banking rival Temenos.

Misys stock price has risen by nearly five per cent in Tuesday's trading to 303.5 pence from an overnight close of 290.3, reversing a 7.3% decline since the vendor agreed merger terms with Temenos earlier this month.

Potential suitors have until 6 March to declare their interest and disrupt a marriage proposal that would create the world's largest core banking technology company.

Investors have so far been lukewarm about the Misys/Temenos pact, viewing it as little more than a defensive reaction to tough market conditions.

In its statement declaring the merger, Misys left the door open to alternative bidders with a reference to the City code on M&A transactions: "Whichever company is to acquire Misys pursuant to this structure (whether a new holding company to be formed by Misys and Temenos or otherwise) must, by no later than 5.00pm on 6 March 2012, announce a firm intention to make an offer for Misys in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer".

Comments: (0)

sponsored

Find out more
Is your business ready for the 10th January, 2020?

Trending Stories