ACI Worldwide Inc. (Nasdaq: ACIW) has raised its offer for S1 Corporation (Nadsaq: SONE), jeopardizing its planned merger with Fundtech Ltd. (Nasdaq: FNDT; TASE: FNDT).
ACI increased its offer for S1 to $6.20 per share plus 0.1064 ACI shares from $5.70 per share plus 0.1064 ACI shares, giving a blended value of $9.29 per share for S1, based on ACI's closing price yesterday. S1's share price rose 3% at the opening on Nasdaq today to $9.14.
ACI president and CEO Philip Heasley said, "ACI is committed to taking the necessary actions to complete our proposed acquisition of S1, and we believe today's action is the next step forward in this process. Given the uncertain and volatile market conditions, we have enhanced the cash component of our proposal to provide additional certainty and value for S1 shareholders."
SI's board of directors rejected ACI's previous offers, and said that it was committed to the merger with Fundtech.
Fundtech's share price fell 3.5% in early trading on Nasdaq to $15.92, giving a market cap of $239 million, after falling 0.4% on the TASE to NIS 58.29.
Published by Globes [online], Israel business news - www.globes-online.com - on August 25, 2011
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