StoneX, a US-based financial services company, made an unsolicited $480 million takeover bid for UK-listed CAB Payments just months after its public listing. The proposal represents a significant premium to CAB Payments’ current share price.
StoneX’s Pursues CAB Payments
CAB Payments, which focuses in payment and trading
services, received the latest offer from StoneX on September 23, Dow Jones
Newswires reported. This wasn’t the first approach from the US firm.
Previously, StoneX proposed a deal in late July,
valuing CAB Payments at 115 pence per share, an offer that was swiftly
declined. However, the latest revised bid, set at 145 pence per share in cash
or shares, represents an 18% premium over CAB Payments’ current stock price of
123 pence.
CAB Payments is reportedly reviewing the proposal and
assessing its options before deciding the next step. The company is expected to
make a decision soon, as under U.K. takeover laws, StoneX has until November 7
to formalize its offer.
CAB Payments Listing
The proposal comes at a pivotal time for CAB Payments,
which was listed on the London Stock Exchange in July 2023. Since then, the
fintech’s share price has reportedly dropped by more than half.
Expect ongoing updates as this story evolves.
StoneX, a US-based financial services company, made an unsolicited $480 million takeover bid for UK-listed CAB Payments just months after its public listing. The proposal represents a significant premium to CAB Payments’ current share price.
StoneX’s Pursues CAB Payments
CAB Payments, which focuses in payment and trading
services, received the latest offer from StoneX on September 23, Dow Jones
Newswires reported. This wasn’t the first approach from the US firm.
Previously, StoneX proposed a deal in late July,
valuing CAB Payments at 115 pence per share, an offer that was swiftly
declined. However, the latest revised bid, set at 145 pence per share in cash
or shares, represents an 18% premium over CAB Payments’ current stock price of
123 pence.
CAB Payments is reportedly reviewing the proposal and
assessing its options before deciding the next step. The company is expected to
make a decision soon, as under U.K. takeover laws, StoneX has until November 7
to formalize its offer.
CAB Payments Listing
The proposal comes at a pivotal time for CAB Payments,
which was listed on the London Stock Exchange in July 2023. Since then, the
fintech’s share price has reportedly dropped by more than half.
Expect ongoing updates as this story evolves.
This post is originally published on FINANCEMAGNATES.
