Misys convertibles offer extended after acquisition hearing adjourned

By Jennifer Chiou

New York, May 9 - Misys plc announced that the offer from Magic Bidco Ltd. for Misys' convertible bonds has been extended after the hearing for the acquisition scheme was adjourned to May 28 from May 1.

Because of the hearing delay, the convertibles offer will remain open until June 7.

On March 19, independent directors at Misys and directors at Magic Bidco, an investment vehicle indirectly owned by Vista Funds, gave the terms of a recommended cash acquisition of Misys by Magic Bidco.

Under the acquisition scheme, Magic Bidco will acquire the entire ordinary share capital of Misys. The effective date is anticipated to be June 1.

On April 10, the acquiring company made available the convertible bond offer document containing its proposals to holders of Misys convertible bonds.

Misys is a London-based application software and services provider for the financial services industry.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.