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Rating:Bisys Shareholders Greenlight Citi Deal Not Rated 3.0 Email Routing List Email & Route  Print Print
Friday, July 27, 2007

Bisys Shareholders Greenlight Citi Deal

News summary by MFWire's editors

BIisys shareholders have given the pending merger with a subsidiary of Citibank the go-ahead. Over 99 percent of the shareholders present or represented at the special meeting voted for the adoption of the merger agreement. The consummation, still subject to the customary closing conditions is expected on August 1, 2007.

BISYS (NYSE: BSG), a leading provider of outsourcing solutions for the financial services sector, today announced that its shareholders voted at a special meeting of shareholders to approve the previously announced merger providing for the acquisition of BISYS by a subsidiary of Citibank N.A. (NYSE: C). Over 99% of the shareholders present or represented at the special meeting voted for the adoption of the merger agreement. The votes cast represented the affirmative vote of holders of approximately 69% of the issued and outstanding shares of common stock of BISYS.

As previously announced, on May 1, 2007 BISYS entered into a definitive agreement under which Citi will acquire all of its outstanding shares. BISYS shareholders will receive $12.00 in cash per share, consisting of $11.85 per share to be paid by Citi at the closing of the acquisition and a special dividend of $0.15 per share in cash payable by BISYS, and conditioned upon the closing of the acquisition.

Consummation of the merger, which is subject to customary closing conditions, is currently expected to occur on August 1, 2007.  

Edited by: Erin Kello

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