Visa Buys 9.9% Stake in Earthport After Winning Bidding War With MasterCard
11 Mars 2019 - 07:28PM
Dow Jones News
By Adam Clark
Visa Inc. (V) said Monday that it has bought a 9.9% stake in
Earthport PLC (EPO.LN) as it looks to push through its takeover
offer after winning a bidding war for the payments company against
Mastercard Inc. (MA).
Visa said it bought 64.6 million Earthport shares at 37 pence
each, equivalent to its latest offer price in February.
After adding irrevocable undertakings from Earthport
shareholders, Visa said it currently has support for its offer
representing 27% of the London-listed company's shares.
Visa's current offer for Earthport values the company at 247
million pounds ($321 million).
MasterCard said last week that it would let its own Earthport
offer lapse after the American credit card giants waged a battle
for the company in December.
Write to Adam Clark at adam.clark@dowjones.com
(END) Dow Jones Newswires
March 11, 2019 14:13 ET (18:13 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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