Citigroup to acquire Bisys for $1.47B |
| MarketWatch - May 2, 2007 |
Citigroup agreed to acquire Bisys Group Inc. for $1.47 billion, as the company expands its hedge- and mutual-fund services and private-equity operations.
The New York financial services company will pay $11.85 a share, and a special dividend of 15 cents will be paid to Bisys shareholders when the deal closes. The offer is a 3.3% premium to Bisys's Tuesday close of $11.47, or a 4.6% premium if the dividend is included.
Bisys, a Roseland, N.J., financial-services outsourcing company, saw shares rise 4.6% to $12 in pre-market trading.
After the deal closes, Citigroup will sell Bisys's retirement and insurance services divisions to affiliates of J.C. Flowers & Co. LLC. Citigroup said following the sale of those divisions, the net cost of the transaction to Citigroup will be $800 million.
Read Full Article from MarketWatch
- Posted: 2007-05-02 09:40:37
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