StoneX Group Scraps $500-Mln Bid for CAB Payments

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StoneX Group Scraps $500-Mln Bid for CAB Payments

Dow Jones11-07

By Christian Moess Laursen

StoneX Group, owner of Forex brands such as FOREX.com and City Index, said Thursday it won't make an offer for CAB Payments following its unsolicited takeover proposal that valued the U.K. fintech company at nearly $500 million.

StoneX had proposed 145 pence per CAB Payments share in cash, together with a full share alternative. The bid followed a series of approaches from StoneX since late July.

The revised offer valued the group at 368.50 million pounds ($481.67 million). CAB Payments said it would evaluate the revised offer. Under U.K. takeover rules, StoneX had until Nov. 7 to announce a firm intention to make an offer.

In a response to the StoneX statement, CAB Payments said it remains highly confident in the its strategy and is pleased with the strategic progress being made.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

November 07, 2024 02:53 ET (07:53 GMT)

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