BISYS Shareholders Approve Merger to Sell Company to Citi
27 Julho 2007 - 3:32PM
Business Wire
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. About BISYS The BISYS Group, Inc. (NYSE: BSG)
provides outsourcing solutions that enable investment firms,
insurance companies, and banks to more efficiently serve their
customers, grow their businesses, and respond to evolving
regulatory requirements. Its Investment Services group provides
administration and distribution services for mutual funds, hedge
funds, private equity funds, retirement plans, separately managed
accounts and other investment products. Through its Insurance
Services group, BISYS is the nation's largest independent wholesale
distributor of life insurance and a leading independent wholesale
distributor of commercial property/casualty insurance, long-term
care, disability, and annuity products. Additional information is
available at www.bisys.com. Except for the historical information
contained herein, the matters discussed in the press release are
forward-looking statements within the meaning of the safe-harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on management's current
reasonable expectations and are subject to certain assumptions,
risks, uncertainties and changes in circumstances due to future
events as well as changes in economic, competitive, regulatory
and/or technological factors affecting BISYS' business, including,
without limitation, the impact of the Company's proposed merger
with Citibank N.A, and the outcome of pending and future litigation
involving the Company. More detailed information about risk factors
that could cause actual results to differ materially are noted in
BISYS' periodic filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the year
ended June 30, 2006 and quarterly report on Form 10-Q for the
quarter ended March 31, 2007. These documents can be accessed on
BISYS' website at www.bisys.com under the "Investor Relations" tab.
Forward-looking statements are only predictions, not guarantees of
performance, and speak only as of the date they are made. BISYS
disclaims any obligation to update or amend these statements in
light of new information, future events or otherwise.
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