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Visa outbids Mastercard in Earthport offer

by LLB Reporter
8th Feb 19 9:21 am

Visa has increased their offer to British firm Earthport as they tussle with Mastercard rival. Visa has now offered 37p per share giving a value of £247m, in January Mastercard offered 33p.

Visa’s offer places them at 12% over Mastercard’s offer.

Earthport’s interim chair Sunil Sabharwal said: “The board of Earthport is pleased to recommend Bidco’s (Visa’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 it has the backing of around 17% of Earthport shareholders for its offer.

Mastercard said it is now considering its options, urging Earthport shareholders to take no action on Visa’s bid. It said it will make a further announcement in “due course”.

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