FIS confirms ‘preliminary approach’ for Misys

24 June 2011

FIS Global confirmed it has made a “preliminary approach” for Misys after the technology vendor announced it had been contacted regarding a potential offer earlier in the week.

In a statement, the payments services provider, said: “FIS notes the announcement made by Misys on 21 June 2011 and confirms that it has made a preliminary approach regarding a possible cash offer for Misys”.

Misys confirmed market speculation earlier in the week by announcing that it had received a preliminary bid to its shareholders.

The financial technology vendor did not identify which firm made the approach but the news did lead to its share price increasing by nine percent, giving the firm a value of $1.4 billion.

According to the Financial Times, which quoted sources familiar with the matter, Misys is being advised by Barclays Capital and JPMorgan while FIS Global is working with Bank of America Merrill Lynch and Deutsche Bank.

FIS stated that the announcement should not be treated as confirmation that an acquisition will be going ahead or of any of the terms surrounding a potential bid.

By Jim Ottewill

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development