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ACI Worldwide raises buyback program, IBM to take stake
September 13, 2012 / 9:37 PM / 5 years ago

ACI Worldwide raises buyback program, IBM to take stake

Sept 13 (Reuters) - Payment systems provider ACI Worldwide Inc increased its share buyback program, and said IBM will start exercising its 2.8 million warrants to take a stake in the company.

International Business Machines Corp, one of the largest computer hardware makers in the world, received the warrants in December 2007 that allowed it to buy up to 8 percent of ACI shares, ACI said in a regulatory filing in 2007.

Half of the warrants are exercisable at $27.50 per share, and the other half at $33 per share.

ACI shares closed at $45.21 on the Nasdaq on Thursday.

The company, which bought smaller rival S1 Corp last year, plans to use part of the proceeds to repay debt.

If IBM exercises all of its warrants, it will become the second-largest shareholder of the company.

ACI also increased its share repurchase program to 2.5 million shares, or $113 million. It had bought back 1.43 million shares year-to-date under its existing program.

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