StoneX Submits Revised Non-Binding Proposal for CAB Payments

The Independent Board of CAB Payments has confirmed receipt of a revised non-binding proposal from StoneX Group Inc, indicating a potential cash offer of 110 pence per share. The updated approach marks an increase from StoneX’s earlier indicative proposal of 95 pence per share, signaling a stronger intent to advance negotiations.

The proposed terms would value CAB Payments’ entire issued and to-be-issued share capital at approximately £287 million. According to the Board, the revised price reflects a 52% premium to the company’s undisturbed closing share price of 72 pence on 30 January 2026. It also represents a 43% premium to the highest share price recorded over the previous 52 weeks and a 29% premium compared to the firm offer previously tabled by the Helios Consortium.

StoneX Submits Revised Non-Binding Proposal for CAB Payments

Despite the improved financial terms, the proposal remains non-binding and is subject to several preconditions. These include the satisfactory completion of confirmatory due diligence and securing irrevocable undertakings from key stakeholders. CAB Payments’ directors, shareholders affiliated with the Helios Consortium, and Eurocomm Holding Limited would need to support the transaction. StoneX has indicated it retains the right to waive these conditions, either partially or in full, at its discretion.

After reviewing the revised proposal with its financial and legal advisers, the Independent Board stated that it would recommend the offer to shareholders if StoneX Group Inc proceeds with a formal bid under Rule 2.7 of the UK Takeover Code. Such a recommendation would depend on agreement over final terms and the completion of definitive transaction documentation.

The Board has also urged the Helios Consortium to engage constructively with both CAB Payments and StoneX, highlighting the improved valuation as beneficial for shareholders, including minority investors.

At this stage, there is no certainty that StoneX will make a firm offer, and discussions remain ongoing.

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