Pollen Street's Lumon drops takeover pursuit of UK's Argentex
May 30 (Reuters) - Payments services provider Lumon Acquisitions said on Friday that it does not intend to make an offer for Argentex AGFX.L after the currency risk management firm rejected an earlier bid.
WHY IT'S IMPORTANT
Argentex became one of the first known casualties of the market turmoil caused by U.S. President Donald Trump's erratic trade policies after the sharp drop in the dollar squeezed its finances in late April.
CONTEXT
Lumon, part of British private equity firm Pollen Street Capital, joins Argentex's former CEO Harry Adams and Irish entrepreneur Terry Clune in dropping their bid to acquire the British company.
Adams and Clune also said on Thursday that they would not make an offer for the firm.
Argentex had rejected bids from Lumon as well as from Adams and Clune in favour of an offer from cross-border payments provider IFX Payments valuing it at about 3 million pounds ($4 million).
MARKET REACTION
Shares in AIM-listed Argentex, which have lost more than 90% of their value so far this year, were down 2.3%.
($1 = 0.7424 pounds)
Related Articles
Fed Rate Cut Finally Arrives,Dollar Index: Negative Catalysts Largely Priced In,Euro Rally May Be Running Out of Steam
Tradingkey - The Federal Reserve lowered the target range for the federal funds rate by 25 basis points to 4.00%–4.25% late yesterday, as widely expected, and signaled two additional rate cuts this year.
[U.S. IPO] Netskope Raises $908 Million in IPO, Debuts Thursday: A Rising Star in Cloud Security?
TradingKey - Backed by venture capital firm Lightspeed Venture Partners, Netskope Inc., a technology provider specializing in securing enterprise cloud services, has raised $908.2 million in its IPO. The company's valuation now exceeds $7 billion. Netskope is set to list on the Nasdaq under the tick-24998ce9215f4781a8d3878dba968c9e.jpg)
Why the September Fed Meeting Feels So Strange? The Answer Lies with Miran, Cook and Trump
TradingKey - Beyond analyzing whether the updated dot plot after the Fed’s rate decision reflects a dovish or hawkish tilt, investors are increasingly curious about what will become of the Federal Reserve amid political interference, personnel changes, and potential institutional shifts. The Wall
[U.S. IPO] Oilfield Water Giant WaterBridge Raises $634M in IPO; Can It Repeat LandBridge's 125% Surge?
TradingKey - Oil field water management company WaterBridge (WBI) announced on September 16 that its US initial public offering (IPO) is expected to price 31.7 million shares at $20 per share, raising a total of $634 million.
September Global Central Bank Divergence: How Will U.S. Stocks and Forex Markets Move?
TradingKey - Despite the divergence in monetary policies among major global central banks in September (with the Federal Reserve cutting rates while the European Central Bank, Bank of England, and Bank of Japan maintain steady rates), we expect the policy directions of the Fed, ECB, and BoE to...
