Misys takeover talks break down

Software firm Misys’ talks to be bought by Fidelity have collapsed after the companies couldn't agree on price, sending its shares down nearly 19 per cent. Fidelity had been close to an agreement to buy Misys about two weeks ago before talks broke down. Misys had been valued at £1.4bn, though its market cap sank to £1.2bn yesterday. Last week, Misys chief executive Mike Lawrie declined to comment on the progress of the offer talks beyond saying they were continuing. The company said it is confident that its strategy will deliver growth as its headline earnings met analysts' expectations with a 12 per cent rise.