ACI Worldwide Inc. said Tuesday it is offering to buy S1 Corp. for $540 million, a deal the international provider of payment systems said is superior to Atlanta-based S1's recently announced plans to merge with Fundtech.
ACI, with U.S. operations based in Elkhorn, Neb., sent a letter to the S1 board offering $9.50 a share in a cash-and-stock transaction valued at approximately $540 million, based on S1's market price as of Monday. The stock portion of the deal would be tax free to S1 shareholders, ACI said.
Fundtech and S1 said their deal, announced July 18, was valued at approximately $700 million, a stock swap that would keep the combined operation based in Atlanta and keep Fundtech as the corporate name.
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