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In light of the Earthport Directors' recommendation of the Acquisition, Earthport has withdrawn its recommendation of the Visa Offer and proposes to adjourn the Earthport Shareholder meetings convened for 21 February 2019 to consider the Visa Offer.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
Consumer Reports has once again recommended Tesla's Model 3 and Model S sedans as reliable, after the vehicles were previous downgraded by the organization. Consumer Reports said that the two sedans regained its recommendation due to improved reliability reports from owners of the cars, based on the results of its annual Auto Reliability Survey that were announced Thursday. Sears Holdings recalled about 700 units of Kenmore Elite microwave ovens for possible electrical burn hazard, a statement by the U.S. Consumer Product Safety Commission said. The company said the incorrect wiring of the microwave oven causes its exterior to reach temperatures exceeding 183 degrees fahrenheit that could result in a burn hazard to the user. Chinese e-commerce giant Alibaba Group Holding announced ambitious long-term plans while announcing the pricing of its secondary listing in Hong Kong on Friday. Daniel Zhang, CEO and Chairman of Alibaba Group, said in a letter to investors that the company's longer-term goals by the year 2036 are to serve 2 billion consumers globally and create 100 million jobs.
Follow RTT
>