S1 Investor Demands Review Of $540M Rival Offer

Law360, New York (August 1, 2011, 5:10 PM EDT) -- An S1 Corp. shareholder launched a proposed class action in Delaware on Friday seeking to block the banking software company’s impending $700 million merger with rival Fundtech Ltd. without first reviewing a $540 million rival bid from ACI Worldwide Inc.

Investor Michael Levitan's complaint, filed in Delaware state court, contends that S1 senior officers failed to adequately consider if the proposed deal with Fundtech maximizes shareholder value or forces stockholders to accept a severely undervalued offer compared to ACI Worldwide’s $540 million bid.

S1 and Fundtech...
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