StoneX withdraws CAB Payments bid after failing to win Helios support

(Alliance News) - StoneX Group Inc on Tuesday said it does not intend to proceed to make an offer for CAB Payments Holdings PLC after failing to receive the backing of Helios Investment Partners LLP.

In April, London-based payment processing firm Cab Payments said it would be "minded to recommend" an increased takeover offer from New York-based financial services firm StoneX Group Inc worth around GBP287 million.

The bid tabled at 110 pence per share, followed a previous non-binding proposal at 95p per share.

But the Helios consortium, which owns 45% of London-based payment processing firm CAB Payments, declined to support the offer.

The consortium had previously put forward a firm offer of USD1.15 per share, which it described as the "only firm and deliverable" bid for the company.

On Tuesday, StoneX said it was "disappointed" by the Helios Consortium's decision that it will neither provide an irrevocable undertaking or otherwise support or accept its offer.

Cab Payments closed down 0.4% at 83.70 pence each in London on Tuesday.

By Jeremy Cutler, Alliance News reporter

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