Paysafe board has not ruled out other offers following Blackstone/CVC bid - report
22 JUL 2017
Paysafe [LON:PAYS]’s sale to Blackstone [NYSE:BX] and CVC Capital Partners is not yet a foregone conclusion and the vendors have yet to rule out competing offers, the Financial Times reported. A source working on the transaction said approaches other than Blackstone/CVC’s remain on the table for the Isle of Man-headquartered online payments company, although the fact that Paysafe’s biggest single shareholder, Old Mutual Global Investors, has publicly backed Blackstone and CVC indicates their bid is likely to succeed, the item reported.
The private-equity consortium has offered 590p per share cash, or around GBP 3bn (USD 3.9bn), the report noted. The bid is currently under consideration by Paysafe’s board, which turned down an offer from Blackstone and CVC two months ago, the item reported. Since that time the company has received a further four initial offers, according to a source involved in negotiations.
Paysafe is advised by Lazard, while Credit Suisse is advising CVC and Blackstone, the item reported.