S1 Corp./Fundtech Ltd.
On June 27, 2011, S1 Corporation (Nasdaq: SONE) and Fundtech Ltd. (Nasdaq: FNDT) entered into a definitive agreement to combine through a stock-for-stock merger.
Under the terms of the agreement, Fundtech shareholders will receive 2.72 shares of S1 common stock for each Fundtech ordinary share they own. The deal is valued at $320 million.
The value of the proposed transaction is worth $20.51 to Fundtech shareholders based on Friday's close, or a 4.7% premium to Fundtech's Friday close of $19.58.
S1 shareholders will own approximately 55 percent and Fundtech shareholders approximately 45 percent of the combined company.
S1 and Fundtech expect to complete the transaction in the fourth quarter of 2011.
Raymond James & Associates acted as financial advisor to S1 and Hogan Lovells US LLP and Zellermayer, Pelossof, Rosovsky, Tsafrir, Toledano & Co. provided legal counsel. Citi acted as financial advisor to Fundtech and Kirkland & Ellis LLP, Kramer Levin Naftalis & Frankel LLP and Meitar Liquornik Geva & Leshem Brandwein provided legal counsel.
Under the terms of the agreement, Fundtech shareholders will receive 2.72 shares of S1 common stock for each Fundtech ordinary share they own. The deal is valued at $320 million.
The value of the proposed transaction is worth $20.51 to Fundtech shareholders based on Friday's close, or a 4.7% premium to Fundtech's Friday close of $19.58.
S1 shareholders will own approximately 55 percent and Fundtech shareholders approximately 45 percent of the combined company.
S1 and Fundtech expect to complete the transaction in the fourth quarter of 2011.
Raymond James & Associates acted as financial advisor to S1 and Hogan Lovells US LLP and Zellermayer, Pelossof, Rosovsky, Tsafrir, Toledano & Co. provided legal counsel. Citi acted as financial advisor to Fundtech and Kirkland & Ellis LLP, Kramer Levin Naftalis & Frankel LLP and Meitar Liquornik Geva & Leshem Brandwein provided legal counsel.
