Private equity firm Helios Investment Partners LLP is moving to pull CAB Payments off the London market in a proposed $292 million transaction, arguing the embattled cross-border payments company would fare better away from the glare of public trading.
The Helios CAB Payment proposal offers $1.15 in cash per share for CAB Payments Holdings PLC, valuing the FTSE All-Share-listed company at $292 million. The bid comes after a turbulent stretch for CAB, whose shares have tumbled sharply since its highly anticipated 2023 debut.
Board Rejects Earlier Offer
Helios disclosed that CAB’s board had already rejected a lower $1.05-per-share approach on Jan. 24. On Monday, the board described the latest overtures as “highly opportunistic” and said they “fundamentally undervalue” the business. As a result, the proposals were turned down.
The newest indication of interest represents a premium of less than 17% to CAB’s closing price of 72 pence on Jan. 30. Shares were trading at about 72.20 pence ($1) at Friday’s close. During Monday morning trading, the stock rose nearly 3.50% in response to the takeover interest.
