The acquisition battle for Cab Payments (CABP) continues after its key shareholder Helios Investment Partners said it would not support rival StoneX鈥檚 (US:SNEX) latest 拢287mn proposal, despite the backing of the FX and payment services company鈥檚 board.
StoneX raised its offer to 110p per share in cash last Thursday, from a previous 95p proposal. This got initial backing from Cab Payments鈥 directors, but also needed support from Helios鈥 consortium, which owns more than 45 per cent of Cab Payments shares and is also trying to buy the business.
On Friday afternoon, the consortium said it 鈥渨ill not provide such an irrevocable undertaking or otherwise support or accept鈥 StoneX鈥檚 second approach. Helios 鈥渃ontinues to work towards the satisfaction of the regulatory conditions鈥 of its $1.15 (85p) per share cash offer made in March, it added.
Cab Payments responded this morning ahead of a Q1 trading update tomorrow. The board, which advised shareholders to take no action, is 鈥渄eeply concerned鈥 that Helios is 鈥渄epriving minority shareholders of the opportunity to realise value at a recommendable price and at a significant premium鈥 to the consortium鈥檚 offer.




