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S1 ends agreement with Fundtech, gets $11.9M

Fri, 09/16/2011 - 10:05am
The Associated Press

Software provider S1 Corp. said Friday it terminated its offer for Fundtech Ltd. after Fundtech agreed to be acquired by GTCR.

S1 had up to five days to make a new offer for Fundtech, a bank services company. However it accepted an $11.9 million termination payment from Fundtech, ending its pursuit.

In June, Fundtech had accepted an all-stock offer from S1 then worth about $320 million, or $373.4 million based on S1's latest closing price. GTCR's cash offer is worth $352.7 million.

Shares of S1 rose 9 cents to $9.20 in afternoon trading.

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