Misys faces takeover delay in Portugal

Financial software firm Misys says its takeover by Vista Equity Partners will be delayed by a legal hold-up in Portugal.

The 350p a share deal was announced back in March and approved in April but it now appears the Portuguese monopoly probe process will take longer than first thought.

Although Portugal is a very small part of Misys's business, the group felt it had to get approval from the Portuguese authorities before completion.

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The UK "scheme court hearing" - which would enable the sale of Misys convertible bonds - was supposed to take place on May 10th, but it is now expected on May 28th, followed by a "capital reduction court hearing" on May 31st.

This means the scheme will actually begin on June 1st. The deadline for acceptance is June 7th, with payment being sent out on June 14th.

BS