logo
Plus   Neg
Share
Email

Mastercard Reaches Agreement To Buy Earthport In GBP 233 Mln Deal

Mastercard UK Holdco Limited, an indirectly wholly-owned subsidiary of Mastercard Inc. (MA), and Earthport plc (EPO.L) said that they reached agreement on the terms of a recommended all cash offer by Mastercard UK for the entire issued and to be issued ordinary share capital of Earthport.

As per the terms of the Acquisition, Earthport Shareholders will be entitled to receive 33 pence in cash for each Earthport Share.

The Acquisition values the entire issued and to be issued ordinary share capital of Earthport at approximately 233 million pounds on a fully diluted basis, and represents a premium of approximately 10 per cent to the offer price of 30 pence per Earthport Share from Visa which was announced on 27 December 2018.

Mastercard believes that the Offer of 33 pence per Earthport Share in cash is compelling and urged Earthport Shareholders to take no action in relation to the Visa Offer.

The Earthport Directors recommend unanimously that Earthport Shareholders accept the Offer (or, if (with the consent of the Panel and subject to the terms of the Cooperation Agreement) Mastercard UK exercises its right to implement the Acquisition by way of a Scheme, vote in favour of the Scheme at the Court Meeting and the resolutions to be proposed at the relevant general meeting of Earthport Shareholders).

In light of the Earthport Directors' recommendation of the Acquisition, Earthport has withdrawn its recommendation of the Visa Offer and proposes to adjourn the Earthport Shareholder meetings convened for 21 February 2019 to consider the Visa Offer.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Google CEO Sundar Pichai announced Monday a $10 billion Google for India Digitization Fund to help accelerate India's digital economy. The investment is planned over the next five to seven years through equity investments, partnerships, and operational, infrastructure and ecosystem investments. Logistics solutions provider Hi-Crush Inc. (HCR) announced Monday that it has voluntarily filed petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Hi-Crush has also entered into a Restructuring Support Agreement... Analog Devices, Inc. (ADI) and Maxim Integrated Products, Inc. (MXIM) announced Monday that they have entered into a definitive agreement under which ADI will acquire Maxim in an all stock transaction that values the combined enterprise at over $68 billion. The transaction, which was unanimously approved...
Follow RTT