Misys takes another step closer to sale -UPDATE

Misys's investors were given some good news on Monday when the High Court of Justice made an order approving the scheme through which Vista Equity Partners will acquire the UK financial software company.

The hearing outcome enables the sale of Misys convertible bonds. The court now needs to confirm the associated capital reduction at a court hearing being held on May 31st.

Back in March, Misys, a financial software developer, announced that it had reached a $2bn agreement on the terms of a recommended 350p-per-share cash offer by Magic Bidco, an investment vehicle indirectly owned by Vista funds.

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The company is still on track to exit the stock market by the start of June.

NR