CAB Payments Holdings 1/3P (WI) (CABP): Offer for the company

This situation live

£210m · 80.4p · +11% since the first step

Takeover target

Offer for the company

offer · 36.8% below the offer

Offer110p in cash

Premium+52% on 72.2p

Spread now+36.8% to the offer

Boardopposes

Next: not_stated

Every step · 4

2 Feb 2026 approach – The proposals are highly opportunistic and fundamentally undervalue CAB Payments and its future prospects. ↗
2 Feb 2026 offer – Should a firm offer be made, the Helios Consortium would also make available a partial unlisted share alternative. ↗
16 Apr 2026 offer · 110p – The Independent Board would be minded to recommend such an offer to the Company's shareholders if StoneX were to announce a firm intention to make an offer... ↗
13 Aug 2026 offer · 36.8% below the offer – BidCo has elected not to exercise that right in respect of the Inaugural Interim Dividend. The Cash Offer therefore remains 1.15 US dollars in cash for each... ↗

What is happening

CAB Payments Holdings 1/3P (WI): Offer for the company – offer · 36.8% below the offer. ['offer']

In short: Helios made a firm 85p cash offer on 2 March 2026, which the board rejected as opportunistic. StoneX's 110p possible offer fell away on 5 May 2026 after Helios refused an irrevocable. On 13 August 2026 Helios left its offer unchanged and did not cut it for the 2.1p interim dividend. The board again called it highly opportunistic and undervaluing, and advised shareholders to take no action.
Announced: 2 Feb 2026 · approach
Latest: 13 Aug 2026 · approach
Remaining bid: Helios Consortium's firm offer (85p cash, per earlier announcements) is still outstanding
Lock-out: StoneX bound by Rule 2.8 restrictions for six months, to about 5 November 2026
Set-aside: Helios offer withdrawn or lapsed with board agreement; third-party firm offer; Rule 9 waiver or reverse takeover; material change per Panel
Earlier board view: Independent Board was minded to recommend StoneX's 110p final possible offer (16 April 2026)
Offer: Helios firm cash offer of 85p per share, unchanged as of 13 August 2026
Board view: Highly opportunistic; fundamentally undervalues CAB Payments and its future prospects (13 August 2026)
Dividend: Helios chose not to reduce its offer for the 2.1p interim dividend
Helios stake: Helios holds 45.11%

not_stated.

Briefing Pro

What it does, how it got here, what management promised and delivered – written from its own announcements.

From the company's own announcements. Not investment advice.

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