Temisys … eventually | FT Alphaville

Temisys … eventually

“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.