Funds advised by CVC Capital Partners and ValueAct Capital Master Fund, the largest shareholder in Misys, are working together on a making a joint cash offer for the financial software provider.
Misys has confirmed it is in talks with the pair, and has formed an independent committee of the board of directors to consider all of the proposals before it.
The group also said it continues to be in discussions with Swiss peer Temenos Group and the private equity firm Vista Equity Partners.
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Jeffrey Ubben, Chief Executive Officer of ValueAct, conceded that the proposed Misys and Temenos all share merger has "strategic logic" but after thinking it over the fund's management have "decided to evaluate whether we can make an alternative proposal that provides the certainty of cash upon completion."
Activist investor ValueAct Capital has more than $7bn in investments in its portfolio and has a policy of making active strategic-block value investments in a limited number of companies.
It is believed that the offer from US outfit Vista has been pitched at around 360p per Misys share.
Shares in Misys rose 19p to 335.1p in response to the bid announcement.
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