Details of the sale of BISYS Group of Roseland, N.J., to bank holding company Citigroup of New York for a total of $1.47 billion are intriguing.

For one, Robert Casale, BISYS chairman and interim chief executive officer and president, was quick to note that the firm's investment bankers fielded 26 initial offers of interest from parties "split evenly between potential strategic and financial buyers." The firm's management made nine presentations to potential acquirers and received four letters of intent between February and April. Early in April, it entered into an exclusive negotiation with Citigroup.

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