Until TODAY Monday 19th March, at 17h00 hours, have the negotiators time to strike a deal between the owners of Kondor Thomson Reuters and Misys. Vista Equity Partners, a private equity firm focused on investing in software and technology-enabled businesses based in USA, the same which one month ago launched a surprising offer of £1.2bn offer for Misys, during the negotiations period of the all share merger deal offered by Temenos.
The Invest firm offered an indicative consideration of 360 for every Misys share, with a 16 cts premium over the closing price of 309,6p from Friday 20th February.
Value Act, major stake holder from Misys, which initially was rather supportive of the Temenos-Misys deal, is now a rival offeror after launching a last minute joint bid in coalition with equity firm CVC Capital Partners Limited. This offer inflicted the coup de grace to the Temenos/Misys grandiose vision. Analysts and Financial Market specialists don’t consider serious this last dramatic move and pointed out as mechanism to force Temenos to sweat the deal with cash. This didn’t happen and Temenos walked away from negotiation table last Monday. Since then, Stock Markets have been rather tough with both shares.
Vista has among its latest investments, Kondor Thomson Reuters, and Misys could be considered as complementary asset in its Banking Software Portfolio. Companies that sell financial software to businesses are becoming attractive targets to private-equity firms as mounting banking regulations increase demand. In August, Bain Capital agreed to buy a majority stake in MYOB Ltd., an Australian provider of business software that had also drawn a bid from Sage Group Plc.
|OFFEREE: Misys Plc|
|Offer period commenced: 18:34 07-Feb-2012|
|1 1/7p ordinary||ISIN: GB00B45TWN62||NSI: 334,133,495|
|2.5% convertible bonds||ISIN: XS0560650912||GBP: 100,000,000|
|OFFEROR: Vista Equity Partners|
|Offeror identified: 12:43 20-Feb-2012|
|Rule 2.6 deadline: 17:00 19-Mar-2012|
|Disclosure of dealings and positions in this offeror is not required|