OzForex confirms takeover approach from Western Union

A lot has been going on the mergers and acquisitions front lately, with the freshest news in this respect provided from Ozforex Group Ltd (ASX:OFX), an international provider of online payment services.

OzForex has just confirmed that it has received a takeover approach from the Western Union Company (NYSE:WU). Under the preliminary, non-binding, indicative conditional proposal, Western Union will acquire 100% of the shares of OzForex.

The Indicative Proposal envisages an all cash consideration of between $3.50 to $3.70 per OzForex share.

The proposal is subject to a number of conditions, including access to due diligence, retention of management and regulatory approvals.

The Board of Directors of OzForex plans to evaluate the Indicative Proposal and to issue updates in due course. The Board stresses that there is no certainty that the Indicative Proposal will lead to a binding offer for OzForex.

The Board reiterated its optimistic outlook for OzForex’s future. The company posted record-high turnover of A$10 billion for the six months to September 30, 2015.

To view the official announcement from OzForex, click here.

Read Also: