Bisys (NYSE: BSG), a leading provider of outsourcing solutions for the financial services sector, today released the following comment on the recommendations of two independent proxy advisors.
Institutional Shareholder Services (ISS) and Glass Lewis & Co. advised that BISYS shareholders vote FOR the proposed merger with Citi (NYSE: C) at the July 27, 2007 Special Meeting of Shareholders. The voting analyses of both firms are relied upon by major institutional investors, mutual funds, pension plans and other fiduciaries in the United States.
Robert J. Casale, BISYS' chairman, interim chief executive officer and president, said, "We are pleased that both ISS and Glass Lewis, two truly independent advisory firms, have recommended that BISYS shareholders vote FOR our proposed merger with Citi."
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.