Vista Equity Partners makes Misys approach

Vista Equity Partners makes Misys approach

Misys' proposed marriage to Swiss core banking rival Temenos could be on the rocks after the UK banking software vendor confirmed that it has received an approach from Vista Equity Partners.

In a Stock Exchange statement, Misys says that it has "received an approach from Vista Equity Partners consisting of a non-binding indicative proposal to acquire the entire outstanding share capital of Misys for cash that may or may not lead to an offer being made".

Vista is believed to be offering £1.2 billion for Misys. It has until 19 March to announce a firm intention to follow through with the deal.

Misys' share price has been edging up in recent weeks over City speculation that a number of private equity firms were running the rule over the UK vendor's proposed merger with Temenos.

In mid-market trading, Misys' share price jumped again to 329.85 pence, as the company broke the news.

Investors have been unimpressed by the proposed merger with Temenos, seeing few synergies between the firms with their overlapping products and cultural differences. Vista, which recently acquired the risk management business of Thomson Reuters, is likely to be viewed by shareholders as offering better long-term value.

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