Shareholders in Earthport (EPO) were treated to some festive cheer after it emerged that credit card giant Visa (NYSE: V) had tabled a £198m bid for the Aim constituent. The offer price of 30p a share represents a 250 per cent premium to the cross-border payment specialist’s six-month weighted average share price.
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Unsurprisingly, Earthport’s board is recommending that shareholders vote in favour of the deal, while Visa’s takeover vehicle has also received irrevocable undertakings to accept the offer from OppenheimerFunds and OFI Global Institutional, bringing the level of acceptances to 17.45 per cent as the offer was tabled.