Fundtech Ltd. (FNDT) mulls new offer, shares stronger

Posted on Thursday, September 15th, 2011

Fundtech Ltd. (Nasdaq: FNDT) U.S.-listed shares climbed 31.7% to $23.13 after the Israeli financial services firm said an offer from private-equity company GTCR topped an all-stock bid from S1 Corp. Volume for the stock topped 793,000 shares, way more than the daily average of around 62,500.

A news release out Sept. 15 noted that the board of directors of Fundtech, whose American headquarters are located in Jersey City, has determined that a binding offer it has received from GTCR Fund X/A LP and its affiliated entities, which contemplates the acquisition of all of Fundtech’s outstanding ordinary shares at $23.33 per share in cash, constitutes a “Company Superior Offer” under Fundtech’s previously announced merger agreement with S1 Corporation.

Under the terms of GTCR’s binding offer, an entity formed by GTCR would merge with Fundtech under the laws of the State of Israel, and as a result of the merger all outstanding ordinary shares of Fundtech would be converted into the right to receive $23.33 per share in cash.

Fundtech was founded in 1993, and is a leading provider of software and services to banks of all sizes around the world.

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