Misys takeover inches closer

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.

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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.

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