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Cab Payments board 'minded to recommend' improved StoneX proposal
(Sharecast News) - The London-listed firm said the latest approach, received on 9 April, represented an increase from StoneX's previous 95p-per-share proposal and valued the entire issued and to be issued share capital of Cab Payments at £287m.
It said the offer implied a 52% premium to the undisturbed closing share price of 72p on 30 January, a 43% premium to the 52-week high of 77p, and a 29% premium to the Helios Consortium's existing firm offer.
Cab Payments' independent board said it had carefully evaluated the proposal with its advisers and would be willing to recommend it to shareholders if StoneX announced a firm intention to make an offer under the Takeover Code, subject to agreement on other terms and documentation.
The proposal remained subject to a number of pre-conditions, including confirmatory due diligence and the securing of irrevocable undertakings from Cab Payments directors, members of the Helios Consortium and Eurocomm Holding.
StoneX reserved the right to waive these conditions, the company explained.
The board also urged the Helios Consortium to engage constructively with both the company and StoneX, stating that the increased proposal "would be in the best interests of the company's shareholders as a whole, including minority shareholders".
StoneX said the 110p-per-share offer was final and would not be increased, except in limited circumstances, including the emergence of a competing bidder or with the consent of the UK Takeover Panel.
It said it also retained the right to vary the form of consideration or reduce the offer if Cab Payments declared a dividend.
At 1142 BST, shares in Cab Payments Holdings were up 10.57% at 96.75p.
Reporting by Josh White for Sharecast.com.
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