Freshfields and Norton Rose join A&O and Kirkland on Misys bids
Norton Rose and Freshfields Bruckhaus Deringer have won roles on a joint bid for FTSE 250 tech company Misys by CVC Capital Partners and ValueAct Capital. Norton Rose is acting for ValueAct Capital, the US-based investor which is also currently the largest shareholder of Misys, while Freshfields is advising private equity house CVC.
March 07, 2012 at 10:10 AM
2 minute read
Norton Rose and Freshfields Bruckhaus Deringer have won roles on a joint bid for FTSE 250 tech company Misys by CVC Capital Partners and ValueAct Capital.
Norton Rose is acting for ValueAct Capital, the US-based investor which is also currently the largest shareholder of Misys, while Freshfields is advising private equity house CVC.
Both are longstanding clients of their respective advisers, which are acting opposite Allen & Overy (A&O) in the lead role for Misys.
The Norton Rose team is led by London partners Sean Murphy, Paul Whitelock and Julian Stanier, while corporate partners Christopher Bown (pictured) and Edward Braham are heading up the Freshfields team.
The bid, one of two rival offers for the company, comes amid merger negotiations between Misys and Swiss banking software company Temenos which could create the world's largest supplier of risk management computer software to banks.
A&O City corporate partners George Knighton and Jeremy Parr are advising Misys on the merger talks and are continuing to advise the company – a longstanding client of the firm – on the takeover bids.
Herbert Smith is advising Temenos on the merger talks led by London corporate partner Will Pearce, while Switzerland's Homburger is also acting for Temenos, with corporate partner Dieter Gericke in the lead role.
Under the terms of the proposed merger, Misys shareholders will retain 53.9% of the combined group and Temenos 46.1%. The intention is to merge under a new holding company and list on the London Stock Exchange, with a potential secondary listing on the SIX Swiss Exchange.
Temenos has been granted an extension from yesterday (6 March) until 2 April to bring a firm merger proposal to Misys.
The other suitor is US-based investment firm Vista Equity Partners, which confirmed it has made an all-share bid for Misys at the end of February. US firm Kirkland & Ellis, led by partner Graham White, is acting for Vista.
Misys recently handed general counsel Tom Kilroy a role on the company's board as acting CEO following the resignation of former chief executive Mike Lawrie. The company, which is listed on the London Stock Exchange, has a market capitalisation of £1.1bn.
- For more, see Misys GC takes acting CEO role amid £2bn merger
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