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”.