WorldPay’s owners urge Ingenico to improve its GBP 6bn offer
WorldPay’s owners Advent International and Bain Capital are urging Ingenico [EPA: ING] to improve its GBP 6bn (EUR 8.18bn) takeover bid for the UK-based payment processing company, the Financial Times reported.
The newspaper did not attribute the information to a source, but cited people close to the situation who said Advent and Bain will hold a meeting on Friday, 18 September to compare offers for WorldPay against separate plans for a flotation.
As previously reported, the German payments processor Wirecard and a consortium headed by the private equity firms Hellman & Friedman and Blackstone Group are also interested in WorldPay.
The people cited by the report said Ingenico’s cash bid was the highest offer submitted. The private equity consortium pitched its offer at below GBP 6bn, the people added.
Ingenico, a listed French payment services company, would probably need to sell up to EUR 3bn of shares to finance its offer for WorldPay, the article said.
Advent and Bain consider financing to be a key risk with Ingenico’s bid, the report noted, adding that the concerns about financing have contributed to the owners' hesitancy about agreeing a sale to Ingenico.
The report went on to cite two people close to the deal who said Ingenico would not find it difficult to secure financing as it is a large listed company.
As previously reported, the investment banks HSBC, Natixis and Societe Generale are working with Ingenico on financing for its offer for WorldPay.
Ingenico refused to comment, the newspaper said.
e Financial Times