ACI Worldwide has increased its cash and stock takeover offer for S1 Corporation.
It has upped its bid from $5.70 per share plus 0.1064 ACI shares, to $6.20 per share plus 0.1064 ACI shares, assuming full proration. This follows an attempt by ACI Worldwide earlier this month to derail a proposed merger between S1 and Fundtech. The payment systems provider filed preliminary proxy materials with the Securities and Exchange Commission (SEC) as it sought to encourage S1 shareholder votes against the deal. S1 Corporation had previously rejected a takeover move from ACI Worldwide. At the same time, the company's Board of Directors affirmed its commitment to the merger with Fundtech.
“We are committed to taking the necessary actions to complete our proposed acquisition of S1, and we believe today’s action is the next step forward in this process,” says Philip G. Heasley, president and CEO at ACI. “Given the uncertain and volatile market conditions, we have enhanced the cash component of our proposal to provide additional certainty and value for S1 shareholders.”
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