UK's Worldpay says had takeover approaches from Vantiv, JPMorgan

UK's Worldpay says had takeover approaches from Vantiv, JPMorgan”

Worldpay Group, a British payment processing firm, announced on Wednesday that Vantiv has offered $10 billion towards the fintech company's acquisition.

Shares in London-based Worldpay Group Plc jumped 28 percent on the news of the takeover interest.

Shares in French rival EDF also dropped 4 per cent after HSBC downgraded the stock to "reduce". The offer comprises 0.55 pounds in cash, 0.0672 in new Vantiv shares and a 5 pence dividend per share.

After its potential merger with Vantiv, the enlarged group would be led Worldpay's current boss Philip Jansen as co-chief executive and Vantiv's Charles Drucker as executive chairman and co-chief executive.

It means that both must now say whether or not they intend to do so by a "put up or shut up" deadline of 1 August under United Kingdom takeover rules.

The payments sector is experiencing a period of rapid growth, as more people shift from cash to paying by card and online.

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Other payments companies also gained, with Germany's Wirecard AG and France's Worldline SA climbing as much as 5.3 percent and 4.4 percent respectively.

Both companies said there was compelling reasons for the merger, with the enlarged group having strong positions in four core regions of the US, Europe, Asia-Pacific and South America.

Executives, directors and former top brass would turn their shares in the FTSE company into around £180 million if it is sold for £9 billion.

Worldpay has agreed terms of a potential takeover by a larger USA rival. Vantiv chief financial officer Stephanie Ferris would retain the same role. Worldpay and Vantiv will proceed with a mutual due diligence process.

Worldpay floated on the London Stock Exchange in 2015 and has scaled revenue and underlying profits in the past 12 months. It was snapped up by Bain Capital and Advent in 2010 after the Royal Bank of Scotland had to sell off the division as outcome of its Government bailout in 2008. But the potential benefit of buying the online-payments firm easily outweighs the dubious value of giving free advice in the hope of winning lucrative business later.

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