On 27 December last year, VISA
started a bidding war when it offered 30 pence a share for UK-based payments company
Earthport.
Mastercard made a counter offer but was
outbid by VISA. On Friday Mastercard’s offer of 33 pence lapsed and it announced it has acquired another money transfer network Transfast.
The market thought that VISA’s February 8th offer of 37 pence a share wouldn’t be the last, as the stock price reached 47 pence on Thursday. The closing price on Friday was 36.4 pence.
VISA’s current cash offer of 37 pence valued Earthport at £247 million ($321 million) and is almost five times the stock price before the first bid.
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