On 5 March 2012, funds advised by CVC Capital Partners Limited ("CVC") and ValueAct Capital Master Fund, L.P. ("ValueAct"), announced that they had concluded an agreement to work together with a view to making a recommended joint cash offer for Misys.

On 19 March 2012, Magic Bidco Limited, an investment vehicle indirectly owned by funds managed or advised by Vista Equity Partners, LLC ("Vista") announced a firm intention to make an offer for Misys pursuant to Rule 2.7 of the City Code on Takeovers and Mergers (the "Code").

In accordance with Code requirements, CVC and ValueAct confirm that they do not intend to proceed with an offer for Misys.

For the purposes of Rule 2.8 of the Code, each of CVC and ValueAct reserves the right to announce an offer or possible offer for Misys or make or participate in an offer or possible offer for Misys and/or take any other action otherwise precluded under Rule 2.8 of the Code within six months of the date of this announcement in the event that:

  1. the board of directors of Misys agrees to the making of such an announcement or taking of such action following the withdrawal or lapsing of any offer by Vista; or
  2. an offer for Misys by a third party (other than Vista) is announced; or
  3. a whitewash proposal (as described in Note 1 of the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover (as defined by the Code) is announced in respect of Misys; or
  4. the Panel determines that there has been a material change in circumstances.

A copy of this announcement will be available on the CVC website at www.cvc.com