Published: March 30, 2026 at 8:51 am
The takeover saga at listed FinTech CAB Payments has intensified after an activist shareholder accused the company’s independent board of acting against the interests of shareholders.
Last month investor Helios Consortium said it was considering making an improved £213 million bid for the London-listed FinTech. However board members excluding Nitin Kaul and Henry Obi CBE – who represent the interests of Helios – rejected this initial approach.
StoneX, a Fortune 500 payments firm listed on New York’s Nasdaq exchange, then said it was considering a bid of £241m for CAB. The independent board also rejected that approach, again claiming that it significantly undervalued the firm and its future prospects.
Now CAB has accused Helios of “launching an unsolicited firm offer for CAB Payments at an unrecommendable value” and said this is “highly opportunistic”.
Pointing to the higher value of the StoneX offer, it said it “would encourage the Helios Consortium to consider proposals at a premium to its own offer that could be in the best interests of the company’s shareholders as a whole, including minority shareholders”.
However Helios called on CAB to provide it with specific, non-public information which is required when formalising a bid with regulators, saying it had so far refused to do so.
“The Helios Consortium considers this stance to be against the interests of CAB Payments shareholders,” it added.