British banking software specialist Misys plc (LON:MSY) on Monday said it had secured anti-trust approval in Portugal for its takeover by US private equity and venture capital firm Vista Equity Partners and therefore the scheme court hearing will now take place on 28 May.
The hearing was delayed from 10 May as the two parties could not secure clearance in Portugal for their deal in time to meet this deadline, Misys explained.
The company’s independent directors announced the agreement with Vista on 19 March, saying the buyout firm would pay GBP3.50 (USD5.62/EUR4.40) a share for the British company, or some GBP1.27bn in total. The directors said the transaction provided Misys shareholders with certainty in cash, while acknowledging the company’s organic growth potential.
Subject to court approval and other conditions, the acquisition will complete on 1 June this year. Vista, which has said it would use equity and debt financing to fund the transaction, is expected to settle the payment for Misys by 14 June.
The private equity group plans to combine Misys with trade and risk management software provider Turaz to form a top global provider of financial services solutions with 1,700 customers around the world, it has said, adding it would delist the target after the deal.
Misys has some 4,200 employees and works with over 100 partners globally serving customers in more than 120 countries. It has a client base of over 1,300, including all the top 50 banks worldwide.