MA MasterCard Incorporated

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 The British company has withdrawn its recommendation of a 30 pence-a-share offer from Visa which was agreed to in late December.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)

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