Corillian, CheckFree complete $245 million cash merger

By Lisa Kerner

Charlotte, N.C., May 15 - Corillian Corp., CheckFree Corp. and a wholly owned subsidiary of CheckFree completed their merger under a previously announced Feb. 13 agreement.

CheckFree's subsidiary merged into Corillian and Corillian's shareholders received $5.15 per share in a cash transaction valued at $245 million. Corillian is now a wholly owned subsidiary of CheckFree.

Upon the closing of the merger, each outstanding share of Corillian common stock was cancelled and automatically converted into the right to receive $5.15 in cash, without interest, according to a form 8-K filing with the Securities and Exchange Commission.

CheckFree is an Atlanta-based provider of financial electronic commerce services and products.

Corillian is a Portland, Ore., online banking, payment and security services company.

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