BISYS, provider of outsourcing for the financial services sector, has approved the previously announced merger providing for the acquisition of BISYS by a subsidiary of Citibank.
Over 99 percent of the shareholders present or represented at a special meeting voted for the adoption of the merger agreement. The votes cast represented the affirmative vote of holders of approximately 69 percent 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.