Vista to buy DH Corp. for $2.03 billion, combine with Misys

The buyout firm acquired software provider Misys in 2012.

The C$25.50-a-share cash offer announced Monday is an 11 percent premium above DH Corp.'s closing price Friday of C$23.04 a share, and 36 percent above where shares closed on December 5, before reports that the company was exploring strategic alternatives.

Evergreen's role in the DH Corp deal shows how Elliott, the $31 billion multi-strategy hedge fund, shareholder activist and distressed debt investor, is seeking to increase its role in private equity deal financing.

Shares closed at $25.16 in Toronto on Monday afternoon.

"This seems to follow the trend for acquiring Canadian technology companies at fair but not stratospheric multiples..."




The buyout firm is in advanced talks to acquire DH Corp., and an agreement could be announced as soon as this week, according to the people. Almost 60 per cent of its C$1.5-billion in annual revenue comes from outside the United States.

DH has attracted interest after diversifying from a traditional cheque-printing company to a financial technology firm. From there, the stock began to slip and by October 26, 2015 - when hedge fund Lawton Park Capital Management accused DH of masking weak performance with "desperate M&A and accounting tricks" - its shares plunged 43 per cent to $16.25.

"We believe this discount is warranted given the company's recent uneven performance", Johnson said. It is expected to close prior to the end of the third quarter of 2017.

Its chief executive Nadeem Syed also failed to mention the float, instead saying that the merger will boost its North American footprint and help the combined company's corporate banking software and cloud-based offerings.

(Copyright © 2015. All Rights Reserved.)
 
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