Mergers and Acquistions News
Categories: Hardware
August 3rd 2011, 15:59PM
S1 has reaffirmed its commitment to combining with Fundtech by rejecting a takeover bid from ACI Worldwide.
ACI had put forward a proposal to acquire S1, but the card management and payments specialists rejected the move.
In a statement, the firm said its board "unanimously concluded that pursuing discussions with ACI at this time is not in the best financial or strategic interests of S1 and its stockholders".
It supplies software to over 3,000 organisations globally to assist them with handling mobile, branch and online banking services and payments.
Chairman of the board at S1 John Spiegel said that careful consideration was given to ACI's bid, but the company concluded that going ahead with its mergers and acquisitions plan and combining with Fundtech is the best move for business, as it will help it "maximise stockholder value".
However, analyst John Kraft was quoted by Reuters as saying ACI may come back with an improved offer after its first attempt was rebuffed.
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