By Ian Walker

CAB Payments Holdings shares hit a 14-month high after the company rejected a 213.5 million pound ($292.2 million) takeover approach from the Helios consortium, saying it undervalued the group and its future prospects.

Shares were up 5.40 pence, or 7.5%, at 77.6 pence in early afternoon European trading, having hit a high of 81.20 pence earlier in the session.

The London-listed fintech group--which specializes in foreign exchange and payments in hard-to-reach markets--said Monday that it received the second approach, of 84 pence a share, from the consortium on Thursday. The price was a 17% premium to CAB's closing price of 72 pence on Friday.

The offer proposal, which included an unlisted share alternative, followed an initial approach on Jan. 17 of 77 pence a share, the company said.

The proposal was made from Helios Investors V, Helios Investors V (Mauritius) L.P. and Helios Fairfax Partners, with the support of Helios Investors III, and Helios Investors III $(A)$.

Separately, the consortium said it had tabled the proposal and that it was seeking recommendation from CAB's board.

The consortium owns 50.33% of CAB's issued share capital. It has until March 2 to either make a formal proposal to buy CAB or walk away under U.K. Takeover Panel rules.

CAB said Monday that it will report full-year earnings on March 5, together with an update on its strategy.

"The independent board remains confident in the company's strategy and its ability to deliver long-term value for shareholders," CAB said.

The company advised shareholders not to take any action at this point while cautioning that there is no certainty any offer will be made.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

February 02, 2026 08:20 ET (13:20 GMT)

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