S1 Investor Sues Board Over Rebuff Of $540M ACI Offer

Law360, Wilmington (August 9, 2011, 2:00 PM EDT) -- An S1 Corp. shareholder lodged a joint class action and derivative complaint Monday in Delaware state court seeking to force the banking software company to entertain a $540 million merger offer from ACI Worldwide Inc.

S1’s directors have ignored their fiduciary obligations to shareholders by refusing to negotiate with ACI on a superior offer and sticking with a planned merger with rival Fundtech Ltd., according to shareholder John M. Mang.

“The board has done so to preserve their own positions and to serve the interests of...
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