NEW YORK – ACI Worldwide, rebuffed in its bid to acquire S1 Corp., said this morning it has extended its hostile takeover offer for the credit union service provider until Oct. 31.
ACI said almost 13 million S1 shares, or less than 20% of the total outstanding, have been tendered under its $10-a-share offer, indicating little enthusiasm so far by S1 shareholders. In fact, S1 shares traded hovered around $9 this morning, well below the ACI offer.
ACI had offered to acquire S1 earlier this summer than sweetened its offer in competition with plans by S1 to merge with Israel-based Fundtech Ltd., but Fundtech’s subsequent agreement to be acquired by private equity’s GTCR has cleared the way for completion of the ACI deal.
S1 provides back-office services to more than 3,000 credit unions and banks worldwide.
