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TSYS shareholder Synovus may spin off majority stake
By Lisa Kerner
Charlotte, N.C., July 24 - Total System Services, Inc. confirmed that Synovus Financial Corp., which owns 80.8% of the company's outstanding stock, will ask its board of directors to consider a spinoff of its ownership interest in TSYS to Synovus' shareholders.
Any spinoff is likely to be conditioned on a pre-spin cash dividend being paid by TSYS to all of TSYS' shareholders, including Synovus, according to a company news release.
TSYS said its board of directors will form a special committee of independent directors to consider the terms of any proposed spinoff by Synovus.
TSYS is a Columbus, Ga., outsourced payment services company.
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