Reuters: Private Equity: UPDATE 1-ValueAct withdrawal clears way for Vista-Misys deal

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UPDATE 1-ValueAct withdrawal clears way for Vista-Misys deal Apr 2nd 2012, 06:45 Mon Apr 2, 2012 2:45am EDT LONDON, April 2 (Reuters) - Misys' shareholder ValueAct said it would not bid for the banking software group, leaving a $2 billion recommended offer from private equity group Vista as the last remaining option following a three-way battle for the British company. ValueAct had teamed up with CVC Capital Partners to examine buying Misys after the group started merger talks with its Swiss rival Temenos in February, triggering interest from Vista. Misys and Vista agreed a 350 pence-a-share cash offer last month, which ValueAct, the owner of 21.5 percent of Misys' equity, did not back, saying it was still considering a joint bid of its own. CVC and ValueAct said on Monday, the date of a put-up-or-shut-up deadline imposed by Britain's Takeover Panel, that they had "no intention to make an offer for Misys". Analysts had questioned the seriousness of ValueAct's interest, particularly after the departure of Misys chief executive Mike Lawrie, whom it had backed, and said the investor could have been trying to force Vista's hand.

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