Synovus to spin off TSYS on Dec. 31 |
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Fri, 30 Nov 2007 23:18
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COLUMBUS, Ga. (AP) - Regional banker Synovus Financial Corp. said Friday it set Dec. 31 as the date it will spin off its majority stake in payments processor TSYS to shareholders.The bank, which owns 80.7 percent of TSYS, will distribute its 159.6 million shares to Synovus shareholders of record as of Dec. 18. Those shareholders will be entitled to receive 0.486 shares of TSYS stock. That ratio is subject to change, the company said.Also on Dec. 31, TSYS will pay its shareholders of record on Dec. 17 -- including Synovus -- a one-time special cash dividend of $600 million. Synovus expects its share of this 'pre-spin' dividend to amount to about $485 million.Synovus also declared a regular quarterly cash dividend of 20.5 cents, payable on Jan. 2, to shareholders of record on Dec. 18.Splitting the companies will 'provide both companies strategic flexibility to accelerate growth,' Synovus Chief Executive Richard Anthony said in a statement.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Synovus Financial to spin-off TSYS 