CAB Payments Holdings PLC (LSE:CABP), the London-listed cross-border payments specialist, has unanimously rejected an unsolicited £241 million cash takeover bid from StoneX Group, the Nasdaq-listed financial services firm, saying the offer significantly undervalues the company.
StoneX proposed 95 pence per share, representing a 32% premium to CAB Payments' closing price of 72p before takeover interest in the company first emerged in January, and an 11% premium to a rival bid of 85p per share from the Helios Consortium, a private equity-led group.
The independent board said it had consulted with larger shareholders and, after evaluating the proposal alongside the company's improved financial and operational performance in its 2025 results, concluded it was not in shareholders' interests to engage.
The rejection leaves StoneX facing a deadline set by the Takeover Panel, the City regulator overseeing mergers and acquisitions, either to make a formal offer or walk away.
CAB Payments operates a regulated emerging markets payments network and positions itself as a relationship-led business serving banks, payment firms and multinational companies moving money across harder-to-reach currencies.
The company has been the subject of competing interest since the Helios Consortium announced a possible approach at the end of January, with StoneX entering as a rival suitor earlier this month arguing its payments operations were highly complementary to CAB Payments' business.
The Helios Consortium's own firm offer of 85p per share, announced on 2 March, had itself followed an earlier sweetened bid that was rejected by the board.
Shareholders have been advised to take no action while the process continues.