And when Misys’ share price almost halved in the last six months of 2011, many came close to saying “I told you so”.
But now the City looks a little sheepish as Misys seems close to pulling a golden rabbit out of the hat – much to analysts’ surprise.
Misys’ proposed merger with Temenos seemed a done deal, even if it failed to stir the loins of the British company’s investors.
But this new manoeuvre is “fresh evidence” that the above scenario “represents the worst possible outcome”, says Roger Phillips at Merchant Securities.
Until now, ValueAct – Misys’ largest shareholder and its newest potential bidder – voiced approval of the merger outcome, but its latest move seems to be pointing out the holes in Temenos’ offer like a Swiss cheese.
So why the change of face?
Strategically, Temenos brings a strong case to the table with opportunity for combined customer bases and cost synergies – but the seductive smell of cash is more likely to be what Misys’ shareholders are sniffing around for.
Either way, Misys won’t begrudge the extra attention, which has sent its share price rocketing by over 40 per cent this year and, according to some brokers including Jefferies and Merchant, could take its potential exit price back to the 400p mark it waved goodbye to last summer and feared it might never see again.