Bisys Group Inc. announced Monday that its board set Aug. 1 as the date to pay its shareholders a 15-cent special dividend in conjunction with the technology outsourcer's $1.4 billion deal to be sold to Citigroup Inc.
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Aug. 1 is also the date the deal is expected to close. Shareholders of record as of July 31 are to be paid the dividend. If the closing date changes, the board intends to change the dividend date, Bisys said.
Bisys, of Roseland, N.J., agreed in May to sell itself to Citi for $11.85 per share in cash in addition to the special dividend. Citi said it plans to sell Bisys' insurance operation to focus on fund-accounting services.
