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July 20, 2011, 4:17 AM EDT
By Serena Saitto and Jeffrey McCracken
July 20 (Bloomberg) -- Misys Plc rose as much as 8.4 percent in London trading after people with direct knowledge of the situation said the U.K. software maker is nearing an agreement to be bought by Fidelity National Information Services Inc.
Misys’s board was to vote on Fidelity National’s offer yesterday and may announce a deal this week if it accepts the proposal, said one of the people, who declined to be identified because the talks are private. Fidelity National, a provider of banking and payment technology, said last month it made a “preliminary approach regarding a possible cash offer for Misys.”
Misys climbed as much as 31.9 pence to 413.3 pence, the steepest gain in a month, and traded at 411.9 pence as of 8:35 a.m. in London, giving the company a market value of 1.4 billion pounds ($2.3 billion). Jacksonville, Florida-based Fidelity National added 2.7 percent to $29.78 in New York trading yesterday.
Phil Branston, a spokesman for Misys, declined to comment. Marcia Danzeisen, a spokeswoman for Fidelity National, didn’t return a call seeking comment.
The London-based provider of software for the financial industry would help Fidelity National reduce its reliance on the U.S., where it derives more than 80 percent of revenue.
Misys makes software for cash, wealth and risk management as well as for syndicated lending, over-the-counter derivatives trading and post-trade processing. It has more than 1,200 banking customers in 12 countries, according to its website.
--With assistance from Cornelius Rahn in Frankfurt and Lindsey Rupp in New York. Elizabeth Wollman, Kenneth Wong.
To contact the reporters on this story: Serena Saitto in New York at ssaitto@bloomberg.net; Jeffrey McCracken in New York at jmccracken3@bloomberg.net
To contact the editor responsible for this story: Jennifer Sondag at jsondag@bloomberg.net
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July 20 (Bloomberg) -- Misys Plc rose as much as 8.4 percent in London trading after people with direct knowledge of the situation said the U.K. software maker is nearing an agreement to be bought by Fidelity National Information Services Inc.
Misys’s board was to vote on Fidelity National’s offer yesterday and may announce a deal this week if it accepts the proposal, said one of the people, who declined to be identified because the talks are private. Fidelity National, a provider of banking and payment technology, said last month it made a “preliminary approach regarding a possible cash offer for Misys.”
Misys climbed as much as 31.9 pence to 413.3 pence, the steepest gain in a month, and traded at 411.9 pence as of 8:35 a.m. in London, giving the company a market value of 1.4 billion pounds ($2.3 billion). Jacksonville, Florida-based Fidelity National added 2.7 percent to $29.78 in New York trading yesterday.
Phil Branston, a spokesman for Misys, declined to comment. Marcia Danzeisen, a spokeswoman for Fidelity National, didn’t return a call seeking comment.
The London-based provider of software for the financial industry would help Fidelity National reduce its reliance on the U.S., where it derives more than 80 percent of revenue.
Misys makes software for cash, wealth and risk management as well as for syndicated lending, over-the-counter derivatives trading and post-trade processing. It has more than 1,200 banking customers in 12 countries, according to its website.
--With assistance from Cornelius Rahn in Frankfurt and Lindsey Rupp in New York. Elizabeth Wollman, Kenneth Wong.
To contact the reporters on this story: Serena Saitto in New York at ssaitto@bloomberg.net; Jeffrey McCracken in New York at jmccracken3@bloomberg.net
To contact the editor responsible for this story: Jennifer Sondag at jsondag@bloomberg.net
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