UK's Alpha Group rises to record high as co rejects Corpay's offer

Shares of British financial services provider Alpha Group International ALPH.L jump as much as 7.7% to an all-time high of 3,025 pence

Co says it has rejected an all-cash proposal from U.S.-based business payments firm Corpay CPAY.N

Co did not disclose a reason for turning down the offer

Under UK takeover rules, Corpay has until May 30 to make a formal bid or withdraw; deadline may be extended with UK Takeover Panel approval

Stock up 29.3% so far this year