DIRECTORS of Misys edged a step closer to tabling a bid for the healthcare-to-banking IT group yesterday when its non-executive directors gave a possible management buyout team, led by Kevin Lomax, chief executive, the go-ahead to explore an offer.
An independent committee of directors, led by Sir Dominic Cadbury, chairman, said that it had granted the team “non-exclusive” authority to consider an approach. The committee, which is being advised by JPMorgan Cazenove, said in a statement to shareholders that it was “considering the best way of maximising value for all shareholders while minimising disruption to the business and employees”.
Analysts have speculated that an approach at about 240p a share would prove successful, but some believe that such an offer could not be justified unless the buyer planned a restructuring of the group.
It was reported this week that the group had received an approach from a private equity-backed group, thought to comprise General Atlantic Partners and Permira.
The shares, which soared on Friday on speculation of an approach, ended down 2p at 211¼p.