Flowers Takes Piece of Bisys Buyout

Citi has agreed to acquire Bisys Group Inc. (NYSE: BSG) for $1.45 billion. Bisys shareholders would receive $11.85 per share in cash, plus a $0.15 special dividend. Citi said that it would retain Bisys' investment services division, which includes its fund services and alternative investment services businesses. It plans to sell the retirement and insurance services division to J.C. Flowers & Co. for approximately $650 million.