CVC & Vista head-to-head on Misys bid

Swiss group Temenos walked away from its $2bn bid, leaving private equity investors Vista Equity Partners and CVC, as well as financial investor ValueAct Capital Partners, as the only bidders.

Temenos dropped its all-share offer after it failed agree final transaction terms. The investors are thought to prefer an all-cash bid.

US software-focused investment firm ValueAct is currently Misys' largest shareholder with a 21.5 per cent stake in the company. ValueAct has joined forces with CVC to bid against Vista Equity Partners, which is believed to have offered around £1.2bn.

Vista could create synergies with Misys by combining it with its Kondor business. However, some investors are concerned about the seriousness of the bid, saying the fund has only about $2.2bn left and does not typically get involved in such large deals.

Firm bids will be announced by March 19 and April 2 respectively.

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