Alpha Group International said Friday that it will continue discussions with U.S.-based Corpay over a potential takeover, and has secured an extension to the deadline for Corpay to make a formal offer.
Alpha Group International to Continue Acquisition Talks with Corpay
In a statement, Alpha’s board confirmed it had recently held talks with Corpay and believes it is in shareholders’ best interests to remain engaged with the payments and risk management firm.
Under UK takeover rules, Corpay was required to either make a firm offer or walk away by 5 p.m. on 30 May.
However, following a request from Alpha, the Takeover Panel has granted an extension to the PUSU deadline.
Corpay must now make an announcement by no later than 5 p.m. on 7 July 2025. The deadline can be extended further with the consent of the Takeover Panel.
Alpha, a financial services group specialising in currency risk management, had disclosed earlier this month that it had received a preliminary approach from Corpay.
The company said it will issue a further update as appropriate.
Shares in Alpha have risen in recent weeks on speculation of a potential deal. Earlier this month, it was reported that Corpay, headquartered in the United States, and TPG had teamed up to acquire AvidXchange in an all-cash deal valued at $2.2 billion.
