Total Systems Services, Inc. (NYSE:TSS), also called TSYS, is finally getting the completion of its spin-off of majority outside ownership so that it will be its own company. Synovus (NYSE: SNV) has announced the distribution ratio for the previously-announced spin-off of the shares of TSYS common stock currently owned by Synovus.
On December 31, 2007, Synovus will distribute 0.484 of a share of TSYS common stock for each share of Synovus common stock outstanding with a record date of 5:00 p.m. Eastern time on December 18, 2007. Instead of receiving fractional shares for amounts of less than one TSYS share, Synovus shareholders will receive cash.
Synovus currently owns 80.6% of TSYS. The distribution of the 159,630,980 TSYS shares owned by Synovus will be made to Synovus shareholders on December 31, 2007 and will be done on a tax-free status to Synovus and its shareholders.
Synovus Financial closed at $24.10 yesterday and its 52-week trading range is $21.91 to $33.82. TSYS shares closed at $26.72 yesterday and its 52-week trading range is $25.48 to $35.05.
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Jon C. Ogg
December 19, 2007
Jon Ogg can be reached at [email protected]; he produces the SPECIAL SITUATION newsletter and he does not own securities in the companies he covers.
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