S1's Board Yet Again Rejects ACI's Hostile Bid

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 Sept. 13 press release. They first advised shareholders against the offer in August (see story).

ACI in August 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 (see story).

S1 has scheduled a shareholder meeting for Oct. 13 for shareholders to vote on the Fundtech merger (see story).