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Visa sweetens bid for Earthport, trumps Mastercard

Fri, 08th Feb 2019 09:23

(Sharecast News) - Visa International Service Association, a wholly-owned subsidiary of Visa Inc, has upped its bid for payment solutions business Earthport, trumping a rival offer from Mastercard.Visa said on Friday that it was increasing its offer by 23% to 37p per share in cash, valuing Earthport at around £247m. It's also a 12% premium to the offer made last month by Mastercard and a 397% premium to the closing price on 24 December, which was the last business day before the initial offer was made.Earthport directors, who had previously backed the bid from Mastercard, have now recommended unanimously that shareholders accept the increased offer from Visa, which they deem to be "fair and reasonable".The company's interim chairman, Sunil Sabharwal, said: "The board of Earthport is pleased to recommend bidco's cash offer for Earthport which is at a 12% premium to the Mastercard proposal. This revised cash offer provides our shareholders with even greater value in cash for their shares."Visa said: "As a champion in the digital payments and innovation space, Visa allows businesses, governments and consumers to use the Visa network to transfer funds globally from an originating account to another account via card credentials."With Visa's capabilities, funds can be transferred into the recipient's Visa account quickly, conveniently, and securely - providing real time access to funds and the ability to utilise Visa cards to make purchases at 54 million merchant locations worldwide."Bidco believes that Earthport can complement the development of the Visa payment solutions and intends to use its resources to help Earthport grow."Mastercard put out its own statement, saying it was considering its options in light of the improved offer from Visa."Mastercard is considering its options and urges Earthport shareholders to take no action in response to the announcement by Visa," it said, adding that an announcement will be made in due course.At 0920 GMT, Earthport shares were up 14% to 44.10p.
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22 Oct 2018 10:18

Earthport Appoints Sabharwal Interim Chair As Hickman, Uberoi Retire

LONDON (Alliance News) - International payment processing firm Earthport PLC said Monday it appointed Non-Executive Director Sunil Sabharwal as its interim chairman as its current chair retires -

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25 Jul 2018 12:28

Earthport losses widen in 'challenging' year

(Sharecast News) - Cross-border payment network Earthport issued an unaudited trading update for the fiscal year ended 30 June on Wednesday, reporting a 5.3% improvement in revenue to £31.9m.

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25 Jul 2018 11:53

Earthport Appoints New Chief Financial Officer As Annual Revenue Rises

LONDON (Alliance News) - Cross-border payments network provider Earthport PLC said on Wednesday in for its recently ended financial year its loss widened in spite of revenue growth.In the

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24 May 2018 15:33

Earthport Hires Microsoft, Misys And Logica Executive As New CEO

LONDON (Alliance News) - Cross-border payments provider Earthport PLC said on Thursday it has appointed Amanda Mesler as chief executive officer with effect on July 1.She will replace Hank

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22 May 2018 17:15

DIRECTOR DEALINGS: Earthport Executive Chairman Buys Shares

LONDON (Alliance News) - Earthport PLC said that Executive Chairman Hank Uberoi purchased 250,000 shares on Monday at a price of 9.1 pence per share.Following this transaction, Uberoi now a

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27 Mar 2018 13:22

Earthport Interim Loss Widens But Maintains Full-Year Expectations

LONDON (Alliance News) - Earthport PLC said on Tuesday its interim loss widened as it encountered "clear challenges" though it remains confident in meeting for the a

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20 Mar 2018 12:21

Earthport Expands Services Partnership With Japan Post Bank

LONDON (Alliance News) - Cross-border payment services provider Earthport PLC said on Monday it has enlarged its partnership with Japan Post Bank regarding the delivery of a a

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31 Jan 2017 08:16

Earthport revenue increases as cross-border transactions surge

(ShareCast News) - Cross-border payment provider Earthport expects to report an increase in revenue supported by a rise in the number of transactions and payment volumes for the first half of the year. During the six months ended 31 December 2016, the company strengthened its relationship with with

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12 Dec 2016 07:58

Earthport expands cross-border payments service with BofAML

(ShareCast News) - Bank of America Merrill Lynch's clients will now be able to access cross currency payments in over 60 countries and nearly 25 currencies after it expanded its service with AIM-listed Earthport. Cross-border payments company Earthport's service will add new countries and currencies

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21 Nov 2016 09:31

Payment Network Earthport Signs Agreement With India's Axis Bank

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21 Nov 2016 07:51

Earthport expands cross-border payments in India

(ShareCast News) - Axis Bank has become the first Indian bank to use Earthport's, cross-border payments service, following approval from the country's central bank. India's third largest private bank will allow its clients to make outbound cross-border payments through the AIM-listed company's netwo

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3 Nov 2016 12:20

Earthport wins cross-border payments approval from Reserve Bank of India

(ShareCast News) - AIM-listed Earthport has received approval from the Reserve Bank of India for operating cross-border payment services for banks as it expands in the country. Earthport could already make inbound payments into India for its overseas clients, and now with the central bank's approval

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26 Oct 2016 08:59

Earthport's revenue rises as European, North American transactions grow

(ShareCast News) - Cross-border payment network Earthport's revenue increased as investments during the year helped improve transaction flows in European and North American banks. Revenue climbed 18% for the year ended 30 June, to £22.8m, compared to last year, while transactional revenues comprised

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26 Oct 2016 08:17

Earthport Aims For Positive Cashflow After Year Of Slow Growth

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19 Oct 2016 15:07

UK Earnings, Trading Statements Calendar - Next 7 Days

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