Exodus Movement (EXOD) has offered to acquire all outstanding shares of Banxa Holdings for a mix of cash and stock, the companies said Tuesday.
The companies said the offer includes 1.10 Canadian dollars ($0.76) in cash and 0.0079 of an Exodus share per Banxa share, valuing the total consideration at about CA$ 1.79 per share.
Banxa said the offer was "superior" to the CA$ 1.00 offer from 1493819 B.C.
Banxa has notified 1493819 of its determination, and under the terms of their agreement, 1493819 has until Feb. 10 to propose changes to its offer, the companies said.
Banxa's board has not changed its recommendation in favor of the existing deal, and a shareholder vote is scheduled for Feb. 25. There is no assurance the Exodus offer will lead to a finalized agreement, the companies added.
Shares of Exodus were up 4.5% in recent Tuesday premarket activity.
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