GTCR has apparently busted up a merger between Fundtech and S1 Corp.
How did the Chicago PE firm accomplish this? Today, GTCR offered to buy Fundtech for about $400 million, or $23.33 a share cash. At $23.33, the offer is a near 33% premium to Fundtech’s closing share price Wednesday. GTCR said it plans to combine Fundtech, a provider of transaction banking software and services, with portfolio company BankServ.
Fundtech already has a merger agreement on the table. In June, S1 inked a deal to buy Fundtech, offering 2.27 shares of S1 stock for every Fundtech share. The deal, which was all stock, was reportedly valued at about $320 million at the time of the announcement.