Yesterday, New York-based payment systems provider ACI Worldwide brought an offer directly to shareholders of S1 Corporation to acquire each remaining S1 share for $6.20 in cash and 0.1064 in ACI shares. The company also urged shareholders to vote against a proposed merger with Jersey City, N.J.-based Fundtech. Today, Atlanta-based S1 issued a statement in response to those actions.
In the statement, S1 called the ACI exchange offer "unsolicited and conditional." It also urged shareholders not to take action until the S1 board of directors reviews the offer and advises them of its position on the offer. The board said that it would review the offer no later than Sept. 13, 2011.