By Adam Whittaker
U.K.-listed CAB Payments said it received an unsolicited takeover proposal from U.S. listed StoneX that values the fintech group at nearly $500 million.
CAB Payments said Thursday that the proposal for 145 pence per share in cash, together with a full share alternative, was received on Sept. 23 and follows a series of approaches from StoneX since late July. StoneX's first proposal valued CAB Payments at 115 pence per share, the company said.
The revised offer represent a nearly 18% premium to CAB Payment's share price of 123 pence at Thursday's market close, valuing the group at 368.50 million pounds ($481.67 million).
After rejecting the initial proposal, CAB Payments said it is evaluating the revised offer and StoneX now has until 1700 GMT on Nov. 7 to announce a firm intention to make an offer under U.K takeover law.
CAB Payments listed on the London Stock Exchange in July 2023 and has since seen its share price tumble more than half.
StoneX Group is listed on Nasdaq and offers payments, risk management and trading services.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
October 10, 2024 12:29 ET (16:29 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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