LONDON (Alliance News) - Visa Inc on Monday received an extension to the timetable for its offer to wholly acquire cross-border payments platform Earthport PLC to be declared unconditional.
The takeover panel granted Visa a 14-day extension to the date when an offer must be declared unconditional.
In December, Visa initially made a bid of 30 pence per share in December, which was agreed with Earthport. However, in late January, Mastercard Inc came in with its own offer at 33p.
Visa upped its offer to 37 pence per share in February, which valued Earthport at around GBP247 million. The new figure was 12% above Mastercard's offer and 23% higher than the original Visa bid.
On Friday last week, Mastercard's offer lapsed due to the lack of acceptances.
Shares in Earthport were down 0.6% at 36.20 pence on Monday.
