The online banking and bill payment provider Online Resources Corp. said Friday that its board is "evaluating unsolicited expressions of interest in potential business combinations."
The Chantilly, Va., vendor did not name the prospective suitors. It did not provide a date for the completion of its board's evaluation, though it chose to postpone its planned Jan. 27 analyst and investor day. It said it would provide further information in early March when it announces fourth-quarter earnings.
John Kraft, an analyst with the investment firm D.A. Davidson & Co. of Great Falls, Mont., wrote in a research note Friday that a fair offer would be "an upper single-digit price" per share for Online Resources, and that any offer above $9 a share would likely be accepted by Online Resources' board.
Kraft wrote that Online Resources' bill payment business could appeal to core processors or any company interested in adding that capability. According to Kraft, potential buyers could include Fiserv Inc., Fidelity National Information Services Inc., Open Solutions Inc., Intuit Inc. and Western Union Co.