MA MasterCard Incorporated

(Updated with Visa's reply and the share price.)

--Mastercard has made a GBP233 million bid for Earthport, a U.K.-based provider of cross-border payment services

--The latest offer from the U.S. multinational beats a previous bid made by rival Visa in December

--Earthport shares have risen sharply since the news of Mastercard's bid emerged

By Adam Clark and Carlo Martuscelli

Mastercard Inc. (MA) has trumped rival Visa Inc. (V) with a 233 million-pound ($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 The British company has withdrawn its recommendation of a 30 pence-a-share offer from Visa that was agreed to in late December.

In a statement, Visa said it noted the announcement and is considering its options.

"A further announcement will be made in due course," it said.

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.

Shares of Earthport at 1607 GMT were up 32% at 36.60 pence.

Mastercard already has support from 13% of Earthport's shareholders, and is aiming for 75% control in order to take the company off of London's AIM.

Earthport shares leapt in December following the Visa offer, 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 and Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

January 25, 2019 11:58 ET (16:58 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.