25th Jan 2019 17:59
LONDON (Alliance News) - Visa Inc said Friday it is considering its options after Earthport PLC accepted an offer from Mastercard Inc.
Earlier Friday, international payments firm Earthport agreed an increased offer from Mastercard, trumping Visa's bid from December.
Mastercard is to pay 33 pence per Earthport share, valuing the company at GBP233 million. Earthport shares closed 31% higher at 36.50 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