Citi has completed its acquisition of The BISYS Group, Inc. for approximately $1.44 billion in an all-cash transaction.
BISYS 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.. Over 99 percent 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 percent of the issued and outstanding shares of common stock of BISYS.
In the transaction BISYS shareholders will receive merger consideration of $11.85 per share, and a special dividend of $0.15 per share in cash.
Immediately thereafter, Citi completed its sale of the Retirement and Insurance Services Divisions of BISYS to affiliates of J.C. Flowers & Co. LLC making the net cost of the transaction to Citi approximately $800 million.