Law360, Wilmington (August 09, 2011, 2:00 PM ET) -- 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...
S1 Investor Sues Board Over Rebuff Of $540M ACI Offer
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