CAB Payments rejects ‘highly opportunistic’ Helios takeover bid
London fintech CAB Payments has pushed back against another takeover proposal from African-focused private investment giant Helios.
The firm – which was behind the “worst IPO of the year” in 2023 – has said the increased takeover proposal from a consortium led by Helios Investment Partners was “highly opportunistic” and undervalued the company’s future.
Helios told markets this morning it was making a $1.15 (84p) per share play for CAB Payments, after its previous $1.05 (77p) offer was rejected last week. The offer values CAB Payments at £213m.
The consortium argued the business would be better served under private ownership, citing CAB’s “challenging period” as a listed firm.
This included a hefty 43 per cent profit drop in the first half of 2024 as currency shifts dragged down earnings. The firm was also hit by the sudden withdrawal of previous acquisition interest by StoneX Group in late 2024.
Helios faces March deadline for CAB takeover
Under the UK Takeover Code, the Helios Consortium faces a deadline of 2 March 2026 to either announce a firm intention to make an offer or walk away for at least six months.
CAB Payments expected to next update markets with its full-year results on March 5 2026, which will likely serve as a critical benchmark for shareholders amid takeover chatter.
In a bid to revive its fortunes the firm said last June it had received approvals from the Federal Reserve and The New York State Department to operate a representative office in New York, via its subsidiary, Crown Agents Bank
The firm said its New York office will act as a regional business hub to drive new client business in the region, whilst also helping bolster relationships with US Dollar clearing partners.
CAB Payments CEO Neeraj Kapur told Morning Wire at the time: “A very large majority of our business is US dollars…so there’s no doubt that in terms of its presence within our business it is extremely material.”