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Alpha to continue takeover talks with Corpay
(Sharecast News) - Alpha Group International has extended possible takeover discussions with Corpay just weeks after the fintech rebuffed an initial offer from the US business payments giant. The FSE 250 firm confirmed in early May that it had rejected a potential cash offer from Corpay, following discussions with its financial advisors.
Under Takeover Panel rules, the S&P 500 firm then had until 1700 BST on 30 May to make a firm offer or walk away, a so-called put up or shut up (PUSU) deadline.
But on Friday, Alpha revealed it had since held "recent discussions" with its suitor, and that it "believes it is in the best interests of shareholders to continue engagement with Corpay".
As a result, it has sought and been granted approval by the Takeover Panel to extend the PUSU deadline to 1700 BST on 7 July.
Corpay, which has a market capitalisation of around $23bn, has yet to comment. Earlier this month it posted first-quarter earnings per share of $4.51 on total revenues of $1bn.
As at 0845 BST, shares in Alpha were up 4% at 3,172.95p.
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