Elliott's Evergreen financed part of Vista's DH Corp deal

DH Corp.'s main business used to be manufacturing cheques used by big banks
DH Corp.'s main business used to be manufacturing cheques used by big banks

14 March, 2017

Under the plan announced this morning, Austin-based Vista Equity Partners has offered $25.50 in cash per DH share.

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.

"After a comprehensive review of strategic alternatives, the Special Committee of Independent Directors and our Board have unanimously concluded that this agreement is in the best interests of the Company and our stakeholders", said DH Corp.'s chairman of the board Paul Damp in a statement.

Vista said on Monday it would buy DH for C$4.8bn and combine it with Misys, which abandoned plans to list on the London stock market in October 2016, blaming shaky market conditions.

Formerly Davis + Henderson Corp, DH has transformed itself from a check printing company into a provider of payment and lending services. It has more than 5,500 employees worldwide, with revenue of nearly C$1.7 billion in 2016.

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It has since evolved into a more diverse company focused on the financial services industry.

DH shares rose to a high of $43.10 in July 2015. It is set to close in the third quarter. A report last week in The Financial Times said that Misys was exploring a potential IPO in NY.

"The combination of our two companies creates significant opportunity for our customers, our employees and our partners", said Nadeem Syed, CEO of Misys, in a statement.

After the deal closes, Vista wants to merge DH with Misys, a United Kingdom -based software company focused on the global banking industry.

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