Law360, Wilmington (July 26, 2011, 5:20 PM ET) -- Payment processing software company ACI Worldwide Inc. moved Tuesday to cut in on a planned merger between rivals Fundtech Ltd. and S1 Corp., announcing its own $540 million cash-and-stock offer for S1.
New York-based ACI’s proposal — consisting of 60 percent cash and 40 percent stock, and amounting to $9.50 per share — would create a leading global enterprise payments company and is “both financially and strategically superior” to Fundtech’s stock-swap offer, ACI CEO Philip G. Heasley said in a letter to S1’s board.
“Our proposal...
Software Co. ACI Puts Up Rival $540M Bid For S1
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