Responding to S1 Corporation’s rejection of
its stock proposal, payment systems provider ACI has announced that
it remains “willing to complete the transaction”.
Refusing to back out, ACI expects the $9.50
per share cash and stock agreement to close in its favour by the
fourth quarter and has secured Wells Fargo Bank’s commitment
to support the financial part of the transaction.
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Fllowing S1’s announced commitment to
Fundtech, ACI said: “Today’s announcement from S1 does not change
our strong belief that ACI’s $9.50 per share cash and stock
proposal is superior to the Fundtech transaction.
“ACI’s proposal provides S1 shareholders with
a substantial premium and immediate cash value for their investment
in S1, as well as the opportunity to participate in the significant
upside potential of ownership in a combined ACI-S1. ACI
remains ready and willing to complete this transaction, and we are
prepared to do what is necessary to make this happen.”
ACI had interrupted an ongoing agreement
between S1 and Fundtech with its proposal to buy out S1’s all
outstanding shares for $9.50 per share in cash and stock.
Under ACI’s proposal, S1 shareholders can
choose to receive cash and/or stock for their shares, provided that
40% of the consideration is paid in ACI shares and 60% in cash. S1
shareholders can therefore get a tax free receipt for the
stock.
