Financial services outsourcer BISYS reported that its shareholders voted at a special meeting of shareholders to approve the previously announced acquisition of BISYS by a subsidiary of Citibank N.A. More than 99 percent of the shareholders voting supported the merger, according to the company.
As previously announced, on May 1, 2007 Citi will acquire all of the outstanding shares of BISYS, whose shareholders will receive $12.00 in cash per share, consisting of $11.85 per share to be paid by Citi at the closing 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 Aug. 1, 2007.
Source: The BISYS Group, Inc.
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