UK bank software firm Misys accepts takeover bid

UK bank software maker Misys backs $2 billion Vista takeover bid

Associated Press

LONDON (AP) -- British financial software company Misys PLC has agreed to a takeover offer from private equity group Vista Equity Partners which values the company at 1.27 billion pounds ($2 billion).

Misys announced Monday that its directors were backing an offer of 350 pence per share from Magic Bidco Ltd., indirectly owned by Gibraltar-based Vista Equity Partners.

The price is a 32 percent premium over the average price of Misys shares for the three months to Feb. 2, when Misys and Swiss competitor Temenos Group AG announced they were discussing a possible tie-up. Those talks broke up on March 12, but Temenos reserved the right to make a new approach if a rival offered emerged.

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