ACI takes offer to S1 shareholders

ACI takes offer to S1 shareholders

ACI Worldwide has stepped up its pursuit of S1 Corporation again, taking its cash and shares offer directly to shareholders.

Last week ACI increased the cash component of its offer from $5.70 per share to $6.20, giving the bid a blended value of $9.44 a share based on yesterday's closing price.

However, the S1 board is determined to pursue its own merger plans with Fundtech, pencilling in a shareholder meeting to vote on the plan for 22 September.

ACI has already filed preliminary proxy materials with the SEC to solicit S1 shareholder votes against it.

It has now gone a step further, and is commencing an exchange offer for all S1 stock, with a prospectus/offer expected to be filed with the SEC later today.

Philip Heasley, president and CEO, ACI, says: "While it remains our strong preference to enter into a negotiated transaction with S1, we believe taking our premium cash and stock offer directly to S1's shareholders is the best way to advance this compelling combination."

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