17th Apr 2026 16:07
(Alliance News) - Helios Investment Partners LLP on Friday said its consortium will not support the proposed 110 pence per share StoneX is offering for CAB Payments Holdings PLC.
CAB Payments, a London-based payment processing firm, said on Thursday that it had received the week before, and would be "minded to recommend", the increased possible offer of 110p per share from StoneX, following its previous non-binding proposal of 95p per share.
But Helios, which has a 45% stake in CAB and is therefore its largest shareholder, said on Friday that having carefully evaluated the StoneX bid, it "will not provide such an irrevocable undertaking or otherwise support or accept" the proposal.
CAB Payments shares, which had risen on Thursday, were down 5.7% at 91.00p on Friday afternoon in London.
The Helios consortium previously announced a firm offer of USD1.15 per share, which it said was the "only firm and deliverable" bid available to CAB.
The 100p StoneX offer is at a 52% premium to CAB Payments' undisturbed closing price on January 30, before Helios first announced its own possible offer, and is at a 29% premium to Helios' firm offer.
In March, the Helios consortium previously declined to provide an irrevocable undertaking for New York-based financial services firm StoneX's 95p bid, prompting CAB to urge Helios to consider making a higher offer.
CAB Payments on Thursday encouraged the Helios consortium to "engage constructively" with it and StoneX, saying that the latter's offer "would be in the best interests of the company's shareholders as a whole, including minority shareholders".
By Emma Curzon, Alliance News reporter
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