CVC and ValueAct Capital Master Preparing Misys Offer

Private equity firms CVC and ValueAct Capital Master are reported to be working on a cash offer for British banking software company Misys, writes Reuters. ValueAct is the biggest shareholder in Misys, which has already attracted two suitors, according to Reuters.

Reuters – Private equity firms CVC and ValueAct Capital Master said on Monday they were working together on a cash offer for Misys, the British banking software firm that has already attracted two suitors.

ValueAct is the biggest shareholder in Misys, and had previously offered its support to the company’s plans to merge with its Swiss rival Temenos.

Jeffrey W. Ubben, CEO and founder of ValueAct, said: “The proposed Misys and Temenos all share merger has strategic logic but after further consideration we have decided to evaluate whether we can make an alternative proposal that provides the certainty of cash upon completion.”

The Misys-Temenos merger talks had already triggered bid interest in Misys from private equity firm Vista Equity Partners.

Misys said in a statement it had started discussions with the private equity firms about a cash deal, while it was continuing talks with Vista Equity Partners and Temenos Group.

It said it had formed an independent committee of its director, excluding Jeff Ubben, to consider the proposals.