Fundtech nixes S1 merger

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Fundtech nixes S1 merger

By Scott Thompson

19/09/2011

Fundtech has pulled the plug on its merger agreement with S1 Corporation.

S1 received an $11.9 million termination fee. It says that it is in consultation with its legal and financial advisors and is reviewing its options.

It will be interesting to see how ACI Worldwide reacts to this development. Last month, the company increased its cash and stock takeover offer for S1. This followed an attempt by ACI Worldwide to derail the 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 had previously rejected a takeover move from ACI Worldwide.

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