Mastercard Tops Visa Offer for U.K Payments Company Earthport
January 25 2019 - 3:28AM
Dow Jones News
By Adam Clark
Mastercard Inc. (MA) has trumped rival Visa Inc. (V) with a 233
million pounds ($304.1 million) takeover offer for U.K. payments
company Earthport PLC (EPO.LN).
Mastercard said Friday that it will pay 33 pence a share for
Earthport. The British company has withdrawn its recommendation of
a 30 pence-a-share offer from Visa which was agreed to in late
December.
London-based Earthport provides cross-border payment services to
banks and businesses. Mastercard said it expects to continue
investing in the company's network and increase transaction
volumes.
Mastercard already has support from 13% of Earthport
shareholders, and is aiming for 75% control in order to take the
company off London's AIM.
Earthport shares leapt in December following the Visa deal,
after the stock had fallen steadily over the past three years to a
low of 5 pence.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
January 25, 2019 03:13 ET (08:13 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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