CAB Payments disclosed on 16 March an unsolicited possible cash offer from StoneX Group at 95p a share, setting up a contest with a consortium led by Helios Investment Partners.
Why StoneX Group Inc. is buying CAB Payments Holdings plc
StoneX, a Nasdaq-listed financial services network serving commercial, institutional and global payments clients, sought the entire share capital of CAB Payments, a London-listed cross-border payments company. CAB's board said it would weigh the company's improved 2025 performance in assessing the approach.
Deal terms and financing
The 95p proposal valued CAB at about £241.4m, roughly 32% above its 72p share price before the Helios Consortium disclosed its interest in January, according to Electronic Payments International. StoneX later raised its possible offer to 110p a share, and on 16 April CAB's independent board said it would be minded to recommend a firm offer at that price.
Regulatory approvals and timing
The Helios Consortium said it would not give an irrevocable undertaking or otherwise support the StoneX proposal. On 5 May StoneX announced under Rule 2.8 of the Takeover Code that, as the consortium's stance prevented it from acquiring full control, it did not intend to make an offer.
Market context
The Helios Consortium, CAB's largest shareholder, had disclosed an 85p-a-share offer on 2 March; CAB had previously rejected several Helios approaches, according to Electronic Payments International.
