Visa International Holdings Limited or Bidco, a subsidiary of Visa, and Earthport have reached agreement on the terms of a recommended all cash offer for the entire issued and to be issued ordinary share capital of Earthport by Bidco. The offer values the entire issued and to be issued ordinary share capital of Earthport at approximately 198 million pounds on a fully diluted basis. Each Scheme shareholder will be entitled to receive: for each Earthport share held 30 pence in cash.
The Earthport Board said it intends to recommend unanimously the offer to the company's shareholders. Sunil Sabharwal, Chairman of Earthport, said: "The Earthport Board believes the offer by Bidco represents an opportunity for shareholders to realise an immediate and attractive cash value in Earthport today."
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