CAB Payments Holdings PLC told investors it had concluded StoneX Group Inc.'s all-cash offer of 110 pence per share would be in the best interests of shareholders and would be "minded to recommend" the bid, but said the Helios Consortium's public stance is blocking that outcome.
"The Independent Board is disappointed by the Helios Consortium's announcement," the Independent Board said. It added the Helios position is "depriving minority shareholders of the opportunity to realise value at a recommendable price and at a significant premium to the Helios Consortium's firm offer."
StoneX's proposal is described in the announcement as a "final possible offer" under Rule 2.5(a)(ii) — fixed at 110p in cash, removable only if a new third-party offer is announced or the Takeover Panel permits an exceptional increase. The company did not disclose any financing changes or pro forma figures linked to the bid.
The Independent Board reiterated confidence in the group's strategy and said it will continue executing the plan while updating the market on Q1 2026 trading on 21 April. "CAB Payments shareholders are advised to take no action at this time," the Independent Board added.
