S1 Corporation today announced that it intends to commence a modified “Dutch Auction” tender offer to purchase approximately 15% of its outstanding common stock. Based on current market conditions,
the tender offer will be for approximately $55 million, and at a per share range of $5.25 to $5.75. Closing of the tender offer will be subject to customary conditions. S1 expects to commence the tender offer as promptly as possible. The final number of shares, timing and other details of the offer will be determined on the date the tender offer is commenced.
Under S1’s first modified “Dutch Auction” tender offer, which expired at 12:00 midnight, Eastern Time, on Thursday, December 14, 2006, the Company accepted for purchase 10,476,190 shares of its common stock at a price per share of $5.25, including all “odd lots” properly tendered and not withdrawn. Those shares represented approximately 14.7% of the Company’s then current outstanding shares. Auction Publicity

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Posted: 03|12|07 at 5:11 pm. Filed under: News.