The Board of Directors of The BISYS Group, Inc., provider of outsourcing solutions for the financial services industry, has declared a one-time, special dividend of $0.15 per share in cash on all issued and outstanding common stock.
The special dividend is payable to stockholders of record on the day prior to the closing of the merger, which is currently expected to occur on August 1, 2007. Payment of the special dividend is conditioned upon closing of the merger on August 1, 2007.
Upon closing of the merger, which is subject to the satisfaction of certain conditions, the BISYS stockholders will receive $11.85 per share in cash as merger consideration in addition to the special dividend of $0.15 per share.