Kevin Lomax is this week set to announce his decision to quit as chief executive of Evesham-based Misys, the banking and healthcare software group he founded in 1979, it was widely claimed over the weekend.

In recent weeks, the £1.2 billion company has received several takeover approaches including one from Mr Lomax said to be backed by private equity firms Permira and General Atlantic.

But late on Friday night the group announced it had terminated all talks.

The failure of his approach is now likely to cost him his job.

Misys stated: "On September 12 the independent committee of the board of Misys announced that it had not, at that time, received any proposals which it considered should be put to shareholders, although discussions with various parties were continuing.

"Further discussions have taken place, which have not led to an offer being received. Accordingly, the independent committee has terminated the offer process with immediate effect.

"The committee has given consideration throughout this to the management issues which would arise as a result of termination. A further announcement on these issues will be made shortly."

One piece of speculation suggested Mr Lomax is discussing compensation and departure dates. It is thought that chairman Sir Dominic Cadbury may have already identified a suitable replacement.

Misys' shares closed at 226 pence on Friday. Its AGM is on Wednesday.