Paysafe Group Plc (LON:PAYS) is potentially the target of a 590p per share (all cash) bid from a private equity consortium. Paysafe’s largest shareholder supports the bid, which must formally be made by 18 August. At the same time, Paysafe has announced the all-cash acquisition of a US payment processor for $470m. This reduces the group’s exposure to the gambling sector and strengthens its position in North America.
Potential bid at 590p per share
Since May, a consortium comprising CVC Ltd (AX:CVC) and Blackstone (NYSE:BX) has made several proposals to buy Paysafe, which the board has rejected. With the consortium having raised the proposed bid price to 590p per share (all cash), Paysafe has now granted it due diligence access. The deal is conditional on the consortium selling the Asia Gateway to a third party; a buyer has already been found and key terms agreed. Proceeds from this sale will partially fund the acquisition. The consortium has until 18 August to make a formal offer. Paysafe’s largest shareholder, Old Mutual, is supportive of the bid.
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