CVC/ValueAct walk away from Misys bidding
02 April 2012 | 5825 views | 0
CVC Capital Partners and ValueAct Capital have withdrawn from the race to take over Misys, leaving Vista Equity Partners as the sole surviving bidder for the UK-based banking software house.
In a notice to the stock exchange Monday morning, CVC and ValueAct confirmed that they "do not intend to proceed with an offer for Misys".
CVC had partnered with Misys' largest shareholder ValueAct after the company entered talks with Swiss rival Temenos in February. Temenos itself withdrew from the bidding following a superior offer from a third suitor, Vista Equity Partners, which tabled a £1.25 billion bid.
ValueAct's attempt to disrupt the Vista take-over always seemed a long shot after Vista secured the backing of the Misys board and Threadneedle and Schroders who between them own 25% of the shares.
A takeover by Vista also offers shareholders a clear outlook for Misys which has a complementary fit with Turaz, the former Kondor risk management unit acquired from Thomson Reuters in February.