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Misys Deal Priced Low

$2 bln is cheap for software takeover; other bidders may emerge.

By Katia Porzecanski, Tara Lachapelle and Jonathan Browning, Bloomberg | Updated on March 22, 2012

Misys Plc’s agreement to be acquired at Europe’s cheapest valuation for a software takeover is leaving the door open for rival bidders.

Vista Equity Partners said this week it will purchase Misys for 1.3 billion pounds ($2.1 billion), valuing the British financial software maker at 13 times earnings before interest, taxes, depreciation and amortization. That’s the least expensive on record for a software takeover in Europe greater than $1 billion, according to data compiled by Bloomberg. At 21 percent more than Misys’ 20-day trading average before merger talks with Temenos Group AG were disclosed last month, Vista’s bid is also half the industry’s average premium, the data show.

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