The boards of Bidco and Earthport are pleased to announce that they have reached agreement on the terms of a recommended all cash offer for the entire issued and to be issued ordinary share capital of Earthport by Bidco, a wholly-owned direct subsidiary of Visa. Under the terms of the Offer, each Scheme Shareholder at the Scheme Record Time will be entitled to receive: For each Earthport Share held 30 pence in cash. This Offer values the entire issued and to be issued ordinary share capital of Earthport at approximately £198 million on a fully diluted basis, and represents a premium of approximately 250% to the six month volume weighted average price of 8.6 pence per Earthport Share to 24 December 2018.
Commenting on the Offer, Amanda Mesler, CEO of Earthport, said: “Having been appointed as Earthport’s CEO in July my focus, following a full strategic review has been to rapidly implement a transformational growth strategy. Whilst I believe Earthport is well positioned to deliver the potential it has always possessed, the all-cash offer from Visa represents a very attractive and immediate return for our shareholders.
On behalf of the entire executive team, I would like to thank all of our employees for their outstanding contribution to making Earthport the unique and valuable company it is today. Visa shares our commitment to operational and technological excellence in cross border payments, and completion of the transaction would mean that Earthport and its customers will benefit from new opportunities arising from being part of a larger group with a shared vision.”