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Earthport Shares Dip As MasterCard Offer Lapses On Lack Of Acceptances

Fri, 08th Mar 2019 15:43

LONDON (Alliance News) - MasterCard International Inc on Friday said its takeover offer for Earthport PLC has lapsed on lack of acceptances.

Earthport shares were trading 24% lower following the announcement on Friday at 36.40 pence each.

MasterCard UK Holdco Ltd, an indirectly wholly-owned subsidiary of MasterCard Inc, had received valid acceptances in respect of a total of 1.9 million Earthport shares, representing 0.3% of the company's 652.6 million share capital.

On Wednesday last week, Mastercard urged Earthport shareholders to "take no action" on rival Visa Inc's offer for the London-listed cross-border payments firm.

Visa initially made a bid of 30 pence per share in December 2018. However, in late January, Mastercard came in with its own offer at 33p.

Visa has since upped its offer to 37 pence per share, which values Earthport at around GBP247 million fully diluted. The new figure is 12% above Mastercard's offer and 23% higher than the original Visa bid.

In addition, MasterCard confirmed on Friday that it has exercised its right to terminate the cooperation agreement entered into with Earthport with immediate effect.

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5 Jun 2014 10:39

Earthport Wins First Client In Turkey

LONDON (Alliance News) - Earthport PLC said Thursday that it has been selected by Aktif Bank in Turkey to provide international payment transaction services. Earthport said that under the terms of the deal - its first in the country - it will support the Turkish bank's plans for multi-curre

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22 May 2014 09:19

Earthport Inks Cross-Border Payments Deal With US's State Street

LONDON (Alliance News) - Earthport PLC Thursday said it has signed an agreement with US financial services and investment manager State Street Corp, as the the AIM-listed cross-border payments company continues to add to its growing list of contract wins in recent months. In a statement, Ea

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6 May 2014 09:35

Earthport wins multi-year contract with HSBC

AIM-listed Earthport, the cross-border payments service provider, announced it has signed a multi-year contract with HSBC with a 'significant' minimum revenue commitment. The contract will allow the group to expand the coverage of its global disbursements product across countries in Central and Eas

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6 May 2014 08:40

Earthport Wins Multi-Year Contract With HSBC For Cross-Border Payments

LONDON (Alliance News) - Earthport PLC, the AIM-listed cross-border payments company, Tuesday said it has won a "multi-year global contract" with HSBC Holdings PLC, with a "significant" minimum revenue commitment, adding to a stream of deals in recent months. HSBC, the UK's biggest bank by

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6 May 2014 07:33

UK MORNING BRIEFING: Barclays Results Dragged Down By Investment Bank

LONDON (Alliance News) - UK shares have opened marginally higher Tuesday despite growing tensions in Ukraine but following a modestly positive lead from Wall Street on Monday.

Several major UK companies have provided quarterly updates early Tuesday.

BarclaysRead more

30 Apr 2014 16:25

Earthport wins three-year deal with online money transfer firm

AIM-listed Earthport, a cross-border payments service provider, has secured a three-year contract with WorldRemit, a global online money transfer business. The transactions are expected to go live within one week. "We are delighted that WorldRemit has chosen Earthport and look forward to supporti

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30 Apr 2014 12:52

Earthport Wins WorldRemit Contract

LONDON (Alliance News) - Cross-border payments company Earthport PLC Wednesday said it has secured a three-year contract with London-headquartered online money transfer business WorldRemit, with transactions expected to go live in under a week from the contract signing. No financial details

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24 Mar 2014 11:34

Earthport wins deal from US bank PNC

Cross-border payment service provider Earthport saw its shares rise after it won a contract of undisclosed value with the US banking arm of New York-listed PNC Financial Services Group. Earthport, whose service is designed to handle high volumes of low value payments, said it would supply banking

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24 Mar 2014 11:13

STOCKS NEWS EUROPE-UK small caps edge higher, outperform market

The FTSE small cap index rises 0.2 percent, outperforming junior-listed AIM shares, mid-caps and blue chips, down between 0.5 percent and 0.6 percent. Shares in Earthport rise 7.4 percent to 47.75 pence as the cross-border payments services firm wins a contract to provide solutions for high

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24 Mar 2014 09:43

Earthport Wins Payments Contract With US's PNC Bank

LONDON (Alliance News) - Earthport PLC Monday said it has won a contract for its high volume low-value payments service with PNC Bank NA, a member of the PNC Financial Services Group Inc. In a statement, the AIM-listed cross-border payments provider said it will provide a further update whe

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