...But ValueAct reminds investors it could yet bid

WITH bidding partners ValueAct and CVC urging shareholders to take no action, and the market driving Misys’ share price above the offer from Vista, the future of the banking software firm is by no means clear.

Misys acting chief executive Tom Kilroy said the board thinks “this is likely to be the best deal available,” adding that he would be willing to discuss an offer from another firm but “it is unlikely this deal will be bettered.”

Analysts agreed, suggesting that ValueAct’s role – as the biggest shareholder in Misys – was to stoke the bidding war and drive the company’s price up.

Panmure Gordon analyst George O’Connor told City A.M. ValueAct would be less keen to bid in the absence of Mike Lawrie, the former ValueAct employee who stepped down as Misys chief executive this month.

Lawrie’s vacancy was set to be filled by Temenos chief Guy Dubois, but since the Swiss firm walked away from the deal last week the position has been open.

O’Connor pointed to Stephen Kelly, MicroFocus’ previous boss who now works for the government, and Kevin Loosemore, current chief executive of MicroFocus, as two likely candidates for the Misys top seat.

But Misys director and ValueAct chief Jeffrey Ubben’s refrainment from backing Vista’s offer suggests ValueAct and CVC have not yet had their last say on the matter.

The duo has until 2 April to “put up or shut up” regarding a Misys bid.