Temenos pulls out of Misys takeover fight
Tuesday 13 March 2012
The number of takeover bidders circling the banking software company Misys was cut from three yesterday after its listed Swiss rival Temenos pulled out of the running.
Temenos sparked the takeover frenzy on 3 February when it opened negotiations with Misys about a £2bn merger.
Since then, two other private-equity bidders, Vista Equity Partners and a joint pairing of CVC Capital and Value Act Capital Partners, have emerged. The Swiss company said it ended talks because "no agreement has been reached on the final terms of a transaction".
"We are not surprised that Temenos has walked away," said George O'Connor, an analyst at Panmure Gordon, noting that the Swiss company was not offering a cash "sweetener" and that the merger also faced a number of operational challenges.
Mr O'Connor added that Vista looked to be in pole position to buy Misys, but warned that private equity has something of a habit of pulling out of such battles.
The broker cut its target price as Temenos' withdrawal meant there is a "lack of a takeover premium".
There is further uncertainty about the future of Misys as chief executive Mike Lawrie (pictured) said last month he would step down. Shares in Misys fell 13p to 328p, valuing it at £1.1bn. Under Takeover Panel rules, Temenos now only has the right to make a fresh offer within six months if Misys agrees a sale to a third party.
- 1 Humans of New York image of crying gay teen receives best response yet from Ellen DeGeneres
- 2 What supermodels really think about posing in the nude
- 3 North Korean defector flees to Finland 'with evidence of chemical testing on humans'
- 4 Black teen in critical condition after store employee 'shoots him for stealing 79-cent pack of cookies'
- 5 Swedish minister gives strongest case yet on why EU should stop turning away asylum seekers
Humans of New York image of crying gay teen receives best response yet from Ellen DeGeneres
Greece debt crisis explainer: A history of just how the country landed itself in such a mess
North Korean defector flees to Finland 'with evidence of chemical testing on humans'
Swedish minister gives strongest case yet on why EU should stop turning away asylum seekers
Isis schoolgirl Amira Abase who fled London to join terrorists in Syria mocks victims of Tunisia massacre
More Britons believe that multiculturalism makes the country worse - not better, says poll
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
iJobs Money & Business
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...
£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...