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July 24, 2007 at 01:16 PM
A company that sells support services to insurance companies is asking shareholders to help it be acquired.
BISYS Group Inc., Roseland, N.J., plans to hold a meeting Friday to so that investors can vote on a proposal that calls for Citigroup Inc., New York, to acquire BISYS for $1.45 billion and sell the company’s retirement and insurance units to a private equity firm for about $800 million.
Okumus Capital L.L.C., New York, a firm that owns an 11% stake in BISYS, announced in June that it is opposing the deal, but BISYS notes that Institutional Shareholder Services Inc., Rockville, Md., and Glass Lewis & Company L.L.C., San Francisco, two shareholder advisory firms, now have endorsed the proposed deal.
