Bank One Corp. plans to buy 250,000 shares of newly issued stock from Checkfree Holdings Corp., according to a Checkfree earnings release for the latest quarter. Bank One would buy the shares at market price.
Checkfree, an electronic bill presentment and payment company, also said in the release that "in consideration of a long-term business relationship," it would issue warrants on up to three million shares of Checkfree stock to the Chicago-based banking company.
Checkfree shares traded at $38.75 midday Wednesday, up 50 cents.
Bank One presents electronic bills consolidated by Checkfree at the Bank One Web site and offers Checkfree's electronic bill payment services to its customers. It also recently expanded its contract with Checkfree to include electronic bill payment services for its Internet-only subsidiary, WingspanBank.com.
-- Ross Snel