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Bids bring confusion for Misys

Confusion surrounds the future of Sesame’s parent firm Misys as three former directors try to take control and break up its three divisions.

Ross Graham, John Sussens and Mike O’Leary, who between them have a 4.5m stake in the firm, are worried Misys could be sold too cheaply and want to maintain its listing and split the banking, healthcare and financial services divisions.

Current directors of Misys meet this week to look at several bids, including the offer from the former directors, a management buyout thought to be led by chief executive Kevin Lomax and several offers from private equity firms.

The ex-directors are being advised by Bridgewell Securities and aim to break up the firm within six to 12 months.

The move would pose further questions about the future of Sesame. Misys abandoned its attempts to sell the network in March after failing to achieve an acceptable sale price.

Bell Lawrie small-cap analyst Ian McArthur says the network is most likely to be bought by a strategic investor, either a provider or syndicate of providers, rather than private equity investment or management buyout.

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