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S1 has postponed the shareholder meeting it scheduled to vote on its planned merger with Fundtech. The meeting, originally scheduled for Sept. 22, is now planned for Oct. 13. S1 still faces a hostile bid from ACI Worldwide.
September 9 -
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
S1 Corp.'s board advised the company's shareholders not to accept the exchange offer ACI Worldwide Inc. made in its hostile bid for the Norcross, Ga., bank technology vendor.
ACI's offer, which would disrupt S1's planned merger with Fundtech Ltd., "is not in the best interests of S1 or its stockholders," S1 said in a press release Tuesday.
Last month ACI made a cash-and-stock exchange offer, valued at $9.44 per S1 share, directly to S1's shareholders. ACI approached the shareholders after it was turned down by S1's board.
S1 has scheduled a shareholder meeting for Oct. 13 for shareholders to vote on the Fundtech merger.
