UK FinTech CAB Payments has rejected a proposed £241 million bid from American payments giant StoneX.

StoneX, a Fortune 500 firm listed on New York’s Nasdaq exchange, was considering a bid for CAB Payments, which has endured a torrid time as a listed company.

CAB had previously rejected two rival takeovers from shareholder Helios Consortium – the latter for £213m – and StoneX said it was hopeful of winning the support from the company’s shareholders, including Helios, before it tabled the bid officially.

However this morning CAB said its independent board members – excluding Nitin Kaul and Henry Obi CBE, who represent the interests of Helios – had unanimously decided the StoneX bid ‘significantly undervalues CAB Payments and its future prospects’.