Fundtech

The combined company would be based at S1's Atlanta headquarters but would be called Fundtech.

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Software developer S1 Corp. and Fundtech Ltd., which licenses software products to banks, said in a statement Monday they have agreed to combine their businesses through a stock-for-stock merger.

Global M&A Headlines of the Day Dow Jones Newswires 2011

In a letter to S1s board of directors, ACI said it believes its proposal is financially and strategically superior to S1s Merger agreement with Fundtech

ACI Worldwide Does Appetizer Sized Deal For S1 Corporation 2011

New York that it continues to be bound by the terms of the merger agreement with Fundtech, and its board will review the terms of the proposal submitted by ACI.

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Fundtech fell as much as 7.6 percent in New York trading yesterday before recovering most of its losses.

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ACI's offer came a month after Fundtech, based in Herzliya, Israel, said it agreed to be bought by S1 in a transaction valued at about $700 million.

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"ACI is coming at the 11th hour to spoil Fundtech's plans," said John Kraft, an analyst at DA Davidson & Co. in Great Falls

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Fundtech retreated 1.9 percent to $18.79 by 5:19 p.m. in New York, after the Israeli-traded stock fell 6.7 percent to 60.40 shekels, or the equivalent of $17.81.

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"We are confident S1 shareholders will share our strong belief that ACI's premium proposal is superior to and provides S1 shareholders with significantly greater value than the pending transaction with Fundtech," Philip Heasley, the chief executive officer of ACI, said in a statement yesterday.

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Fundtech said it's aware of ACI's acquisition offer and that while it executed a definitive merger agreement with S1, "there can be no assurances that the closing conditions will be satisfied," according to a Globe Newswire statement late yesterday.

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