CAB Payments criticises Helios-led consortium for blocking StoneX bid
CAB Payments Holdings PLC on Monday criticised its largest shareholder for refusing to back a takeover offer from StoneX Group Inc, warning the stance risks denying minority investors a chance to exit at a premium.
The London-based payments processor said its independent board was ‘disappointed’ by the position taken by a consortium led by Helios Investment Partners LLP, which holds around 45% of the company and has declined to support StoneX’s final possible cash offer of 110 pence per share.
CAB reiterated that it considers the StoneX proposal to be in the best interests of shareholders as a whole and said it would be minded to recommend the bid.
‘The independent board is deeply concerned that the Helios consortium’s position is depriving minority shareholders of the opportunity to realise value at a recommendable price,’ the company said.
Helios said on Friday it would not provide an irrevocable undertaking or otherwise support the offer, despite the improved 110p proposal representing a premium to both CAB’s undisturbed share price and Helios’s own competing bid.
The consortium has previously put forward a firm offer of $1.15 per share, which it described as the ‘only firm and deliverable’ bid for the company.
Shares in CAB Payments were down 0.7% at 91.40 pence in London on Monday morning, for a total market capitalisation of £232.3 million.
CAB urged shareholders to take no action for now and said it remains confident in its standalone strategy, with an update on first-quarter performance due on Tuesday.
The board added it continues to believe the StoneX offer delivers attractive value, particularly for minority investors, amid ongoing uncertainty over Helios’s intentions.
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