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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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