Alpha Group International rejects all-cash proposal from Corpay

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Alpha Group International PLC on Tuesday said it has rejected an all-cash proposal from Atlanta, US-based business payments firm Corpay Inc.

The London-based financial services provider said it has received a preliminary and conditional all-cash proposal from Corpay to acquire its entire share capital.

Alpha said the board ‘carefully considered’ the proposal with its financial advisers and unanimously rejected it.

The firm did not give a reason for rejecting the offer.

Alpha said Corpay is required to announce a firm intention to make an offer, or say that it does not intend to make an offer, by May 30.

Shares in Alpha were up 4.1% to 2,925.04 pence in London on Tuesday morning.

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