Vista only bidder for Misys after CVC and ValueAct pull out
American buy-out giant Vista Equity Partners is now poised to win takeover fight for banking software specialist Misys as two rival private equity groups pulled out of the race on Monday.
CVC Capital Partners and ValueAct Capital yesterday declined to table a counter offer to Vista’s offer of £1.27 billion in cash, which was recommended by Misys’ management.
US activist investor ValueAct Capital is currently Misys’ biggest shareholder, with 21.5 per cent in the banking software specialist.
George O’Connor of Panmure Gordon expects Texas-based Vista’s offer for Misys to certainly go ahead.
O’Connor said in a note, “Bulls might well talk up the (outside) chance of some trade buyer creeping out of the woodwork – but we do not see it. As we have said previously this is a good price for Misys.”
Last month, Vista offered 350p-a-share for Misys – a premium of 6 per cent to the software firm’s closing share price of 329½p-s-share.
Vista is looking to combine Misys with Thomson Reuters’ former technology business Kondor, which it acquired recently.
Shares in Misys shed 2.5 per cent in the after-hours trading to close at 349p-a-share.