Bisys shareholders to vote July 27 on merger with Citi

By Lisa Kerner

Charlotte, N.C., June 26 - Bisys Group, Inc. shareholders will vote on the acquisition of the company by Citi at a special meeting to be held at 11 a.m. ET on July 27, according to a schedule 14A filing with the Securities and Exchange Commission.

On May 2, Citi agreed to acquire Bisys for $11.85 per share, plus a special dividend of $0.15, in a transaction valued at $1.47 billion.

Following the transaction's close, Citi will sell Bisys' retirement and insurance services divisions to affiliates of J.C. Flowers & Co. LLC, a New York private equity firm.

Bisys is a Roseland, N.J.-based provider of outsourcing services to investment firms, insurance companies and banks.

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