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Davy set to net £6.6m

DBS chairman Ken Davy stands to net an estimated £6.6m if the offer from Misys to buy the network he founded in 1983 goes ahead.

Davy, who as principal shareholder owns 8.88 per cent of DBS shares, has been looking for a buyer for the business for some time. DBS&#39s share price more than doubled on the news of the takeover but Misys&#39 share price fell by nearly 5 per cent.

Misys will pay 150p for each DBS share, more than double the 73p they were trading at before the announcement at Monday&#39s close, valuing its current issued share capital at around £75m.

DBS&#39s share price leapt to 83.5p from 53.5p in May after MM revealed it was in discussions about a possible takeover.

Since flotation on the Aim in 1995 and a full listing in 1997, DBS&#39s share price reached a high of 329p in 1998. Figures show a pre-tax loss of £1.4m compared with a profit of £5.2m in 2000.

Misys, listed on the FTSE 100, has seen its share price fall from 804p in early 2000 to around the 470p mark.

Its banking division&#39s operating profit will be slightly below market expectations but Misys expects results to be satisfactory.


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SFO to look into Independent

The FSA has asked the Serious Fraud Office to look at the events leading up to the closure of general insurer Independent Insurance, after it went into liquidation yesterday.The SFO will take a preliminary look at the troubled insurer to consider whether a full fraud investigation is warranted.PricewaterhouseCoopers has been appointed as liquidator, and is […]

Major multi-tie could emerge if polarisation gets scrapped

The Misys/DBS deal could lead to the creation of a major multi-tie operation, with the heads of both businesses keeping their options open until the regulator decides the future of polarisation.Both businesses indicated they would consider offering members the option to multi-tie.But IFAs believe providers will be very concerned about Misys&#39 growing influence on distribution, […]

Consumers&#39 Association director awarded Queen&#39s honour

Director of the Consumers&#39 Association Sheila McKechnie has been made a Dame Commander of the Order of the British Empire as part of the Queen&#39s Birthday Honours. McKechnie already holds an OBE, the most recent announcement upgrades her honour to a DBE.Also included in the Birthday Honours were former head of home financial services at […]

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