It looks like there will not be a bidding war for financial software developer Misys as CVC Capital Partners and ValueAct Capital Master Fund, which had been considering throwing their hat into the ring, have confirmed they will not be making a bid.
A joint bid by the pair has been under consideration since the beginning of March, but with the Misys board giving the thumbs-up to the bid from Magic Bidco, an investment vehicle indirectly owned by funds managed or advised by private equity group Vista Equity Partners, CVC and ValueAct have withdrawn from the hunt.
Many observers had speculated that ValueAct Capital, Misys's major shareholder, only entered the fray to force the other interested parties - Swiss software developer Temenos and Vista Equity - to offer cash for Misys shares, instead of the share offers originally on the table.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
With Vista coming through with a 350p a share cash offer, there was less pressure on ValueAct to hang in there to ensure a decent price for the shares. Swiss firm Temenos dropped out of the running on March 12th.
Who is the richest person in the world?
The top five richest people in the world have a combined net worth of $825 billion. Who takes the crown for the richest person in the world?
By Vaishali Varu Published
Top 10 stocks with highest growth over past decade - from Nvidia, Microsoft to Netflix, which companies made you the most money?
We reveal the 10 global companies with the biggest returns since 2013. One firm has posted an astonishing 9,870% return, meaning a £1,000 investment would now be worth almost £82,000.
By Ruth Emery Published