Vantiv, J.P. Morgan Make Takeover Approaches for U.K.'s Worldpay -- Update
July 04 2017 - 5:44AM
Dow Jones News
By Tapan Panchal
LONDON -- U.K. payment-processing technology company Worldpay
Group PLC on Tuesday said it had received preliminary takeover
approaches from U.S. rival Vantiv Inc. and J.P. Morgan Chase &
Co.
Shares in the British company soared on the news, rising as much
as 22%, to value the company at more than GBP7 billion ($9.06
billion).
Vantiv and J.P. Morgan have until Aug. 1 to make a firm offer
for Worldpay, pursuant to U.K. takeover rules. The British company
said there could be no certainty that an offer would be made or the
terms of any potential deal.
Vantiv, based near Cincinnati, Ohio, listed on the New York
Stock Exchange in March 2012 after being spun out of Fifth Third
Bancorp. The company processes credit and debit-card transactions
for merchants and has a market capitalization of more than $12
billion.
Worldpay, once part of Royal Bank of Scotland Group PLC, builds
and runs the systems that allow retailers to take a customer's card
details and ensure their transaction is captured, authorized,
processed and settled. It floated on the London Stock Exchange in
2015.
Write to Tapan Panchal at Tapan.Panchal@wsj.com
(END) Dow Jones Newswires
July 04, 2017 05:29 ET (09:29 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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