London-listed CAB Payments Holdings confirmed on Thursday it had received a revised, unsolicited, non-binding takeover proposal from US-based financial services company StoneX Group.
CAB Payments Confirms StoneX Acquisition Proposal
The company said in a release that the proposed offer values CAB Payments at £1.45 per share, consisting of both cash and a full share alternative. The offer represents an 18% premium over CAB Payments’ stock price of 123 pence.
CAB Payments was listed on the London Stock Exchange in July last year. However, its stock price has declined significantly since then.
The Board of CAB Payments is currently evaluating the proposal with the assistance of its financial and legal advisers. However, they cautioned that there is no certainty that an offer will be made.
This latest proposal from StoneX follows a series of earlier approaches made since July 30, 2024.
The initial offer from StoneX was at a price of £1.15 per CAB Payments share, which the Board of CAB Payments rejected as not being in the best interests of the company and its shareholders.
CAB Payments stated that in accordance with regulations, StoneX is required to announce a firm intention to make an offer for CAB Payments or announce that it does not intend to make an offer by November 7, 2024.
