Misys battle heats up with third entrant

SHARES in Misys jumped six per cent to 335p yesterday as a third suitor entered the race for the software company just hours before Temenos’ deadline to confirm or withdraw its interest.

ValueAct, Misys’ largest shareholders with a 21.5 per cent stake, has joined forces with private equity group CVC Capital Partners and is considering making a cash offer for Misys.

A bid from the duo would have to rival a cash offer from private equity firm Vista, thought to be hovering around the £1.2bn mark, and the proposed merger with Temenos, which would see Misys shareholders own 53.9 per cent of the combined group but the British company’s chief Mike Lawrie – formerly of ValueAct – hand over to Temenos boss Guy Dubois.

Under the new takeover rules, ValueAct and CVC have until 2 April to confirm or withdraw their interest.

Temenos’ bid deadline is today.