25th Jan 2019 08:08
LONDON (Alliance News) - International payments firm Earthport PLC has agreed an increased offer from Mastercard Inc, the company said on Friday, after a bid from Visa Inc in December.
Mastercard is to pay 33 pence per Earthport share, valuing the company at GBP233 million. Earthport shares opened 26% higher at 35.00 pence each on Friday.
The price is a 10% premium to the offer Visa made in December of 30p, and is more than triple the 7.45p price Earthport shares were trading at on Christmas Eve, the final business day before the first offer was made public
The 30p offer made by Visa in December, which was accepted by Earthport, valued the company at GBP198 million.
Earthport's Interim Chair Sunil Sabharwal said: "The board of Earthport is pleased to recommend Mastercard's cash offer for Earthport which is at a 10% premium to the Visa proposal."
"This offer provides our shareholders with even greater value in cash for their shares.
Related Shares:
Earthport