Misys CEO to quit after takeover talks end -paper

LONDON, Oct 1 (Reuters) Kevin Lomax is this week expected to announce his decision to quit as chief executive of Misys Plc , the UK banking and heathcare software group he founded in 1979, The Sunday Times reported.

In recent weeks, the 1.2 billion pounds ( LONDON, Oct 1 (Reuters) Kevin Lomax is this week expected to announce his decision to quit as chief executive of Misys Plc , the UK banking and heathcare software group he founded in 1979, The Sunday Times reported.

In recent weeks, the 1.2 billion pounds ($2.2 billion) company has received several takeover approaches, but late on Friday night announced it had terminated all talks, the report said.

The newspaper quoted the company as saying: ''Further discussions have taken place, which have not led to an offer being received. Accordingly, the Independent Committee has today terminated the offer process with immediate effect.'' Misys could not be immediately reached for comment on Sunday.

The Financial Times newspaper reported earlier this month that U.S. technology group Fiserv had become the second company to drop out of takeover talks with Misys, which it said was believed to be holding out for an offer of around 260 pence to 265 pence a share.

A group led by Kevin Lomax, chief executive and founding investor, in partnership with private equity groups General Atlantic and Permira, was believed to be unwilling to offer more than 255 pence a share, the Financial Times said at the time.

A consortium led by technology investor Silver Lake Partners had already pulled out of the process, according to the report.

Misys' shares closed at 226 pence on Friday, valuing the group at around 1.2 billion pounds.

REUTERS DKS GC1655 .2 billion) company has received several takeover approaches, but late on Friday night announced it had terminated all talks, the report said.

The newspaper quoted the company as saying: ''Further discussions have taken place, which have not led to an offer being received. Accordingly, the Independent Committee has today terminated the offer process with immediate effect.'' Misys could not be immediately reached for comment on Sunday.

The Financial Times newspaper reported earlier this month that U.S. technology group Fiserv had become the second company to drop out of takeover talks with Misys, which it said was believed to be holding out for an offer of around 260 pence to 265 pence a share.

A group led by Kevin Lomax, chief executive and founding investor, in partnership with private equity groups General Atlantic and Permira, was believed to be unwilling to offer more than 255 pence a share, the Financial Times said at the time.

A consortium led by technology investor Silver Lake Partners had already pulled out of the process, according to the report.

Misys' shares closed at 226 pence on Friday, valuing the group at around 1.2 billion pounds.

REUTERS DKS GC1655