Provider of online payment services Ozforex Group Ltd (ASX:OFX), which recently rebranded as OFX, today announces the termination of acquisition talks with The Western Union Company (NYSE:WU).
In November last year, Western Union submitted an indicative conditional proposal for all of OzForex’s issued share capital. Under the proposal, Western Union would have acquired 100% of the shares of OzForex for an all cash consideration of between $3.50 to $3.70 per OzForex share. A week later after the proposal receipt Ozforex agreed to engage in further acquisition talks on exclusive basis to progress the proposal.
OFX said today that although the discussions have been going on for several months already, Western Union has not submitted a binding proposal. Accordingly, the Board of OFX has terminated talks with Western Union.
You can view the official announcement by clicking here.