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Temenos May Resume Misys Talks After CVC Group Withdraws

Temenos May Resume Misys Bid Process
The building that houses the headquarters of Misys Plc is seen in London. Photographer: Chris Ratcliffe/Bloomberg

Temenos Group AG said it retains the right to restart a bidding process for Misys Plc after CVC Capital Partners and ValueAct said today they don’t intend to proceed with an offer for the U.K. software maker.

Temenos terminated discussions with Misys last month on a possible all-share merger, saying it’s keeping the option to announce an offer or participate in a bid within six months. That statement still stands, a spokesman at the Geneva-based company said in a telephone interview.

“It’s still a possibility” that Temenos will re-enter the process with share-based bid, said Stefan Gaechter, an analyst at Helvea AG in Zurich with a recommendation to buy Temenos shares. “They’ve never really laid out what kind of synergies are possible and so Misys shareholders couldn’t compare the bids. Maybe they’ll do that in another try.”

Vista Equity Partners agreed, following Temenos’s withdrawal, to acquire London-based Misys for 350 pence a share, or 1.3 billion pounds ($2.1 billion) in cash, in a recommended offer. CVC Capital Partners and ValueAct said today that they won’t bid after considering making a cash offer.

‘Best Deal’

Misys shares fell 2.5 percent to 349 pence at the close of trading in London, paring a decline of as much as 3.1 percent. Temenos gained 3 percent to 17.2 Swiss francs in Zurich, valuing the company at 1.2 billion francs ($1.3 billion).

A spokesman for San Francisco-based Vista declined to comment today.

Misys acting Chief Executive Officer Tom Kilroy said March 22 that Vista’s cash proposal is probably the “best deal” for the company and its shareholders. Misys shareholders will vote on the proposed Vista takeover on April 24.

Misys and Geneva-based Temenos were in talks to create the world’s largest vendor of banking software before the private equity firms expressed interest in Misys. The companies could have achieved potential savings of 75 million pounds in a merger, according to estimates by Numis Securities analysts.

As banking regulations become stricter, Misys is seeking to sell more products that handle risk management, derivatives trading and lending. Misys has more than 1,300 banking customers.

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