The Board of CAB Payments announced today that, on 23 September 2024, it received a revised unsolicited non-binding proposal from StoneX relating to a possible offer for the entire issued and to be issued share capital of CAB Payments at a price of GBP 1.45 per CAB Payments share in cash together with a full share alternative.
The Board of CAB Payments says it is evaluating the Possible Offer, together with its financial and legal advisers. There can be no certainty that an offer will be made, nor as to the terms on which an offer might be made.
The Possible Offer follows a series of approaches from StoneX since 30 July 2024 regarding possible offers for the entire issued and to be issued share capital of CAB Payments, the first of which was at a price of GBP 1.15 per CAB Payments share.
The Board of CAB Payments evaluated the Earlier Proposals with its financial and legal advisers and concluded that they were not in the best interests of the Company and its shareholders.
In accordance with Rule 2.6(a) of the Code, CAB Payments announces that, by not later than 5.00 pm (London time) on 7 November 2024, being 28 days after today’s date, StoneX must either announce a firm intention to make an offer for CAB Payments under Rule 2.7 of the Code or announce that it does not intend to make an offer for CAB Payments, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.
This deadline will only be extended with the consent of the Panel on Takeovers and Mergers in accordance with Rule 2.6(c) of the Code.
