StoneX Group has raised its takeover proposal for CAB Payments Holdings to GBP 287 million, with the target's board signalling support.
The revised proposal, submitted at 110 pence per share, follows an earlier non-binding approach at 95 pence per share. The latest figure represents a 52% premium to CAB Payments' undisturbed closing price on 30 January 2026, the date preceding the first public disclosure of a possible offer from a rival consortium, and a 29% premium to the competing firm offer from Helios Investment Partners.
A contested acquisition process
According to the announcement, CAB Payments has been at the centre of a competitive acquisition process. Helios Investment Partners, which holds a 45% stake in the company, had declined to provide an irrevocable undertaking in support of the earlier 95 pence StoneX proposal. Helios subsequently put forward its own offer at USD 1.15 per share, which it described as the only firm and deliverable bid available to CAB Payments shareholders.
CAB Payments' board has since urged Helios to engage constructively with both the company and StoneX, stating its view that the StoneX proposal would serve the interests of all shareholders, including minority holders. As of the time of publication, no firm offer from StoneX has been announced, and there is no certainty that one will follow.
The current proposal remains conditional on the completion of satisfactory due diligence and the receipt of irrevocable undertakings from each director of CAB Payments, members of the Helios consortium who hold or control shares in the company, and Eurocomm Holding Ltd.
Context and prior approach
StoneX had previously approached CAB Payments in October 2024 with a proposal at 145 pence per share before withdrawing without proceeding to a formal offer. CAB Payments listed on the London Stock Exchange in 2023 at an initial public offering price of 335 pence per share. The company's shares were trading at approximately 96.60 pence at the time of the latest announcement, reflecting a 10% intraday gain.
The outcome of the process will depend in large part on whether Helios, as the largest single shareholder, agrees to support the StoneX proposal. Without that undertaking, StoneX has indicated it cannot proceed on the current terms.
