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New York, June 29 -- Beam Capital Management announced
today that it will vote against the takeover proposal of BISYS Group Inc. (NYSE:BSG)
by a wholly owned subsidiary of Citigroup Inc.
"After reviewing the definitive proxy materials
released on June 26 we came to the conclusion that the current takeover
offer of $12 a share is a considerable discount to the real value of BISYS
shares. Among the concerns we have regarding this proposal is the
restrictions on solicitations it imposes on the company" stated Mohannad
Aama, Managing Director at Beam Capital Management.
"We believe that the company’s true value in a takeover
should be higher than the current price and that the core fundamental
business of the company can provide sustainable growth given appropriate
management leadership" added Mr. Aama.
Beam Capital Management currently beneficially owns or
controls less than 1% of BISYS Group shares bought for the benefit of its
clients in discretionary managed accounts.
About Beam Capital Management
Beam Capital Management, LLC is a New York-based,
independent and registered investment management and advisory firm catering
to individuals, foundations, endowments, corporate retirement plans, and
other institutional investors through separately managed accounts.
Additional information on Beam Capital, may be found at http://www.beamcap.com
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