The Swiss core banking vendor Temenos has rescinded its offer for Misys in the face of stiff competition from rival higher priced bids.
Vista Equity Partners made a rival cash bid worth £1.2 billion for Misys, while ValueAct acting in conjunction with its private equity backer CVC Capital Partners, made a last minute entry into the fray with an undisclosed offer that is thought to be in the same ball park. Both cash bids outweigh Temenos reported £918 million share swap bid, dooming the boardroom agreed merger.
Misys and Temenos had agreed an all share merger last month but as the timeline to formalise the deal under stock market rules passed last week, Temenos released a statement today confirming that, “no agreement has been reached on the final terms of a transaction. Accordingly, Temenos confirms that discussions between the two parties have now been terminated."
Misys itself released a statement saying that talks with Vista and ValueAct/CVC Partners are still on-going.