“Thank you for depositing a $3bn merger rumour. An RNS will be credited to our investors in 24 hours.”
As the FT wrote on Thursday morning …
Misys missed out, drifting lower by 0.6 per cent to 321¼p on concerns that takeover speculation could be misplaced.
Instead of selling the business, Misys might pursue a friendly merger with Temenos of Switzerland, its leading rival in banking software, dealers said.
Such a combination could offer potential cost savings of about £50m but, with Temenos struggling financially, Misys shareholders would be unlikely to be offered a substantial premium over the current share price, said dealers. Misys has jumped by 43 per cent since mid-December amid takeover hopes.
And, as Misys admitted just a day later …
Statement re. Press Comment
Misys plc (“Misys”) confirms that it is in preliminary discussions with Temenos Group AG (“Temenos”) regarding a possible strategic combination to be effected by way of an all share merger. Discussions are continuing and there can be no certainty that a transaction will ultimately take place, nor as to the terms on which any transaction might be constituted. A further announcement will be made in due course.
It seems the makers of banking software suffer the same inexplicable processing delays as their customers.