ATLANTA – ACI Worldwide on Thursday said it filed proxy materials with the Securities and Exchange Commission as part of its hostile takeover offer for S1 Corp.
The proxy materials explain to S1 shareholders why ACI believes its offer for the Atlanta-based provider of back office credit union and bank services is superior to a competing offer by S1 to merge with Israeli-based Fundtech Ltd.
ACI, which was rebuffed in its initial bid for S1, commenced an exchange offer to acquire all of the outstanding shares of S1 common stock for $6.20 in cash and 0.1064 ACI shares for each share.
S1 has set a special shareholders meeting for Sept. 22 to vote on the competing offers.
ACI Worldwide provides electronic payments services for more than 800 financial institutions, retailers and processors.
In June, S1 announced plans to buy Fundtech for about $320 million in stock. Under the terms of that deal, each Fundtech stockholder would get 2.72 shares of S1’s stock for each Fundtech share.
ACI last month offered its own bid to buy S1 for about $540 million — or $9.50 per share — in cash and stock, saying the deal wasn't in the best interests of shareholders. A drop in ACI's shares since then reduced the value of that original proposal, leading ACI to boost the cash component in its latest offer.
