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Misys goes mega in DBS deal

Misys is creating a “meganetwork” with 7,250 registered IFAs and 3,700 member firms after snapping up rival DBS Management in a deal valued at £75m.

The Misys offer of 150p a share, a 105 per cent premium on DBS&#39s closing share price of 73p on Monday this week, has been accepted by DBS chairman Ken Davy and the other five directors, who in total hold 9.2 per cent of the current issued share capital.

Misys says it has already received support from 40 per cent of shareholders.

DBS is also writing to all its shareholders recommending they accept the offer and giving them 21 days to reply.

The deal makes Misys by far the biggest IFA network in the market with 25 per cent of all IFAs and the company says it shows Misys&#39 commitment to the sector. However, the deal will still require regulatory approval.

DBS says that its network will continue to be run by the existing management team from its Huddersfield headquarters and that it will retain its autonomy within the Misys group.

But DBS&#39s Assureweb IFA portal will be merged with Misys&#39 m-link version after the deal completes.

Misys says the potential for the development of technology is another reason behind the deal.

Misys chief executive (insurance division) Ivan Martin says: “DBS has agreed to this transaction and it is no hostile takeover.”

DBS chairman Ken Davy says: “The involvement from a FTSE 100 company is very good for members. I am pleased that we have been able to agree terms with Misys which reflect our shared view on the opportunities which exist in the network marketplace.”

DBS member Duncan Independent Financial Services principal Sidney Duncan says: “This is no great surprise. As long as this does not affect the cost of membership or the services we get as an IFA, then it is a good move.

“I would like to think that there would be economies of scale but I am a cynic.”

Rival Bankhall director Tony Murrell says: “This deal is very good news and shows interest in our sector. With 22 per cent of the IFA mar-ket, we are competing head to head with Misys.”


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