nsucurrent.com February 20, 2018

Worldpay to back takeover from U.S. credit card tech firm Vantiv

06 July 2017, 12:30 | Ruby West

Traders work on the floor of the New York Stock Exchange in New York

Traders work on the floor of the New York Stock Exchange in New York

Shares in British payments processing company Worldpay rocketed Tuesday after revealing takeover approaches from U.S. peer Vantiv and banking giant JP Morgan Chase.

The total value to Worldpay shareholders would be £3.85 (US$4.97) per Worldpay share. Worldpay shareholders will also get a cash dividend of 5 pence per share.

The tie-up will create a trans-Atlantic payments processing giant with a combined market value of more than $20bn.

The newly-combined group would operate under the leadership of two chief executives, Vantiv's Charles Drucker and Worldpay's Philip Jansen, located at their respective bases in Cincinnati and London.

Shares in the British firm slumped over 10 percent after JPMorgan said it does not intend to make an offer for Worldpay.

The U.S. banking giant has made an early approach for United Kingdom -based Worldpay, the target company said on Tuesday. BNP Paribas reiterated an "outperform" rating and set a GBX 340 ($4.40) target price on shares of Worldpay Group PLC in a research report on Wednesday, March 8th.

Wall Street Wires cited unnamed City sources as suggesting Worldpay had been approached by suitors. "It will serve a wide range of customers, with a strong position in the four core regions of the US, Europe, Asia Pacific and South America".

Vantiv's acquisition of Worldpay "fits in very nicely against this backdrop" said Beck, who outlined the logic of the deal in a February note.

Worldpay Group PLC's stock soared almost 30% Tuesday, becoming the star performer in the U.K.'s FTSE 100 as two suitors approached the payments processor about a potential merger. Vantiv Chief Financial Officer Stephanies Ferris would take up the CFO role in the merged firm. It was snapped up by Bain Capital and Advent in 2010 after the Royal Bank of Scotland had to sell off the division as effect of its Government bailout in 2008. The announcement comes a day after Danish payment services provider Nets A/S said it's reviewing its options after receiving interest from potential buyers.

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