ACI Worldwide is looking to derail the proposed merger between S1 and Fundtech. The payment systems provider has filed preliminary proxy materials with the Securities and Exchange Commission (SEC) as it seeks to encourage S1 shareholder votes against the deal.
Earlier this month, S1 Corporation rejected a takeover move from ACI Worldwide. At the same time, the company's Board of Directors affirmed its commitment to S1's pending merger with Fundtech.
“As we have said from the outset, we remain ready and willing to complete our proposed acquisition of S1. Our filing of preliminary proxy materials to solicit against the proposed Fundtech transaction reflects our commitment to this goal,” says Philip G. Heasley, president and CEO at ACI. “We expect that many S1 shareholders share our strong belief that our acquisition proposal is superior to and provides S1 shareholders with significantly greater value than the proposed transaction with Fundtech. We strongly encourage all S1 shareholders - the true owners of the company - to send a message that the S1 Board of Directors cannot ignore by voting against the proposed Fundtech transaction.”
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