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Two important votes this month will determine fate of ACI Worldwide's hostile bid for S1, which would thwart S1's planned merger with Fundtech.
September 6 -
The bank technology vendor S1's board told shareholders not to accept ACI Worldwide's exchange offer — yet. The board said Wednesday that it is reviewing ACI's Tuesday offer to shareholders in ACI's latest step to disrupt S1's planned merger with Fundtech.
August 31
S1 Corp. has postponed the shareholder meeting it scheduled to vote on its planned merger with Fundtech Ltd.
The meeting, originally scheduled for Sept. 22, is now planned for Oct. 13. Any valid proxy votes that have already been sent to S1 remain valid for the new meeting time.
S1 still faces a hostile bid from ACI Worldwide Inc., which could disrupt its planned merger with Fundtech.
However, "no change has been made to the proposals to come before the special meeting," S1 said in its press release late Thursday. The new date is closer to the Oct. 24 meeting Fundtech scheduled for its own shareholders.
S1's board plans provide guidance on Sept. 13 regarding an exchange offer ACI made directly to shareholders.
