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.