US-based StoneX proposes $320 million acquisition of London-listed CAB Payments

March 16 (Reuters) - Financial services firm StoneX Group SNEX.O on Monday proposed an all‑cash acquisition of CAB Payments CABP.L, valuing the cross‑border payments provider at 241.4 million pounds ($319.7 million).

StoneX's approach follows a series of takeover attempts for CAB, which earlier rejected a sweetened bid from a Helios-led consortium.

Here are some key details:

• StoneX’s 95 pence‑per‑share ($1.26) proposal represents a 20.25% premium to CAB's closing price on Friday.

• CAB in February rejected a $1.15‑per‑share bid from the Helios-led consortium, saying it fundamentally undervalued the business.

• The London-listed payments firm had also rejected a $1.05‑per‑share proposal from Helios in January.

• StoneX described the proposal as a "compelling opportunity" for shareholders to monetize their holdings at a significant premium.

• StoneX had previously explored a deal for CAB, and entered into discussions in 2024 but ultimately walked away in November 2024 without making a formal offer.

($1 = 0.7554 pounds)