TIMELINE-ACI raises offer, scoops up S1
Oct 3 (Reuters) - Financial technology provider S1 Corp agreed to be bought by larger rival ACI Worldwide Inc in a sweetened deal, valued at nearly $516 million, putting an end to the merger drama between the two companies.
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Following are key dates in a 3 month-long takeover saga.
June 27 - S1 agrees to buy Israel-based Fundtech in a stock deal valued at about $700 million.
July 26 - ACI Worldwide proposes to buy S1 for about $540 million in cash and stock.
Aug 2 - S1 board rejects ACI Worldwide's proposal, saying it was committed to buying Fundtech.
Aug 15 - ACI Worldwide urges S1 shareholders to vote against S1's proposed acquisition of Fundtech.
- ACI Worldwide sweetens the cash component of its S1 bid.
Aug 30 - ACI Worldwide takes its bid directly to S1 shareholders.
Aug 31 - S1 advises shareholders to take no action on ACI Worldwide bid.
Sept 13 - S1 urges shareholders to reject ACI Worldwide's hostile bid, saying the offer is not in their best interests.
Sept 15 - Fundtech drops S1 proposal for a better all-cash offer from private equity firm GTCR.
Sept 16 - S1 ends agreement with Fundtech; receives $11.9 million termination fee.
- Fundtech agrees to Chicago-based GTCR's around $390 million bid.
Sept 19 - S1's second-largest shareholder, P2 Capital Master Fund LLP, halves its stake in company.
Sept 28 - ACI extends its exchange offer for S1 to end-October.
Oct 3 - ACI Worldwide Inc said it had entered into a definitive agreement to acquire smaller rival S1 Corp for about $515.9 million in cash and stock.
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