ATLANTA – S1 Corp. announced this morning it has accepted a sweetened takeover offer from ACI Worldwide, after spurning ACI’s earlier bid.
Under the agreement, ACI will pay $6.62 per share in cash and 0.1064 shares of its common stock to S1 shareholders, valuing the deal at $9.55 a share. ACI had earlier offered $6.20 in cash and 0.1064 in ACI shares per S1 share. The boards of directors of both companies have approved the transaction.
The new deal comes after S1's plans to merge with Israel’s Fundtech Ltd. were scotched when private equity fund GTCR topped S1's offer for Fundtech.
ACI had offered to acquire S1 in July as S1 was preparing to finalize its Fundtech merger, but S1 rejected the offer, prompting ACI to launch a tender offer at $9 a share. ACI said last week just 20% of the S1 shares had been tendered under the offer.
S1 is a popular credit union vendor and provides services for more than 3,000 credit unions and banks worldwide.
