S1 board rejects ACI offer; affirms commitment to Fundtech
S1 Corporation (Nasdaq:SONE) announced today that its Board of Directors, after thorough consideration and consultation with its legal and financial advisors, has rejected ACI Worldwide, Inc.'s ("ACI") previously announced proposal to acquire S1.
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The Board unanimously concluded that pursuing discussions with ACI at this time is not in the best financial or strategic interests of S1 and its stockholders. In doing so, the Board affirmed its commitment to S1's pending business combination with Fundtech.
"The S1 Board gave careful consideration to each of the proposed terms and conditions of ACI's proposal. In the end, the Board determined that ACI's proposal is not in the best interests of S1 and its stockholders. We believe that continuing to execute on our long-term business plan, which includes the business combination with Fundtech, will best help us maximize stockholder value and achieve our strategic goals," stated John W. Spiegel, Chairman of the Board of Directors of S1.