Corillian Surges on CheckFree Takeover

PORTLAND, Ore. – Shares in online banking services provider Corillian Corp., which had sunk into penny stock territory more than a year ago, surged 45% yesterday to $5, after the company announced a deal to be acquired by CheckFree Corp. for $5.15 a share. Corillian, rumored to be a target after recent takeovers of back-office vendors Open Solutions, Digital Insight and John H. Harland Co., was one of the most active stocks on the Nasdaq, with 25.5 million shares changing hands, more than 10 times the normal trading volume. Corillian shares bottomed out last August at $2.52 each, but have gained since then on prospects of the company’s integration of InteliData Technologies, which it acquired a year ago. Still, the company reported a loss of $1.1 million, or two cents a share, even while the InteliData deal boosted revenues by 25%. Under the deal with CheckFree, valued at $245 million, Corillian will pay a $5.5 million break-up fee to CheckFree if the transaction is not completed. The deal is subject to antitrust clearance under the Hart-Scott-Rodino Act.