PULSE EFT Eyes MergerApproval

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HOUSTON - (01/10/05) -- Credit union and bank members ofPULSE EFT Association are expected to put the final touches onapproval on the $310 million sale of the electronic funds networkto Morgan Stanley's Discover Financial Services during a specialmembership meeting here this week. As of last week anoverwhelmingly 95% of the votes cast by proxy had approved thedeal, with any remaining voters allowed to cast their ballots atthe special meeting. The $310 million will be divided on a pro ratabasis based on each member's transaction volume between Jan. 1,2004 and June 30, with every member receiving a minimum of $5,000,according to the proxy card, a copy of which was obtained by TheCredit Union Journal. PULSE, which claims 4,100 members, a third ofwhich are credit unions, is the largest remaining independent EFTnetwork. Cindy Ballard, a spokesman for PULSE said results of thevote are expected to be announced publicly in the middle of theweek.

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