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BISYS Shareholders Accept Citigroup Offer

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The owners of a financial services support company have agreed to sell the company to Citigroup Inc. for $12 in cash per share.

About 99% of the holders of the voting stock of BISYS Group Inc., Roseland, N.J., and the owners of 69% of the company’s stock have voted in favor of the deal with Citigroup, New York, BISYS says.

BISYS announced the deal May 1 and hopes to complete it Aug. 1.

Some large shareholders said the price of the deal is too low, but others argued that management problems and problems with filing financial reports have reduced the value of the company.


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