TIMELINE-ACI raises offer, scoops up S1

Mon Oct 3, 2011 8:58am EDT

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.