S1’s board of directors, after consideration and consultation with its legal and financial advisors, has rejected ACI Worldwide’s previously announced proposal to acquire S1. The board unanimously concluded that pursuing discussions with ACI at this time is not in the best financial or strategic interests of S1 and its stockholders. In doing so, the board affirmed its commitment to S1’s pending business combination with Fundtech.
“The S1 board gave careful consideration to each of the proposed terms and conditions of ACI’s proposal. In the end, the board determined that ACI’s proposal is not in the best interests of S1 and its stockholders. We believe that continuing to execute on our long-term business plan, which includes the business combination with Fundtech, will best help us maximize stockholder value and achieve our strategic goals,” said John Spiegel, chairman of the board of directors of S1.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.