The takeover of financial software firm Misys by Vista Equity Partners came a step closer on Monday after it passed a legal hurdle in Portugal.
Mysis announced the $2bn takeover deal in March but said it was first subject to a monopoly probe in Portugal.
It has now passed the hurdle and proceeds to a UK "scheme court hearing" - which would enable the sale of Misys convertible bonds - on May 28th, followed by a "capital reduction court hearing" on May 31st.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Uncertainty over the 350p a share bid have caused problems for sales at Misys.
"The uncertainty is very real for our customers, who want to know who will own a business before they commit to spending millions on a very critical banking system," Tom Kilroy, acting Chief Executive of Misys had said previously.
The current timetable will see Misys shares disappear from the stock market at the start of June.
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
