Cab Payments has accused its largest shareholder, Helios, of blocking a takevover bid from StoneX in order to force through its own hostile takeover.
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The board of Cab Payments has already dismissed an earlier bid from Helios – which owns 45% of the firm’s equity – as “highly opportunistic”.
Last week US trading juggernaut Stone X tabled a sweetened l110p per share offer for the payments firm. CAB’s directors recommended its shareholders accept the bid, which valued the company at £241m, a 29 per cent premium to Helios’s largest offer.
However, as Cab Payments largest shareholder, Helios has the power to vote down the takeover approach.
Cab Payments has hit out at Helios over the decision, accusing it of depriving “minority shareholders of the opportunity to realize value at a significant premium to the Helios Consortium’s firm offer”.
The saga is the latest twist in the recent chequered history of Cab Payments. The B2B payments firm raised up to £335 million through a listing on the London Stock Exchange in July 2023 at a valuation of more than £800 million.
However, within three months, its share price had halved after the company revised revenue guidance sharply downwards, leading to the departure of its CEO. Shares currently trade at more than 70% below its initial listing price.