The independent board of CAB Payments has rejected a second takeover approach from investor Helios Consortium.
This morning we reported how Helios was considering making an improved £213 million bid for the London-listed FinTech.
Helios Consortium saw a $1.05-per-share offer for CAB Payments rebuffed last month and said it was seeking recommendation for an improved $1.15-per-share bid.
That would represent a 21% premium to the volume weighted average share price for the 30-day trading period ended 30th January 2026; and a 37% premium to the 90-day average.
However CAB said its board members excluding Nitin Kaul and Henry Obi CBE – who represent the interests of Helios – had rejected the approach.
“It unanimously concluded that the proposals are highly opportunistic and fundamentally undervalue CAB Payments and its future prospects. Accordingly, the proposals have been rejected,” CAB stated.
The FinTech floated in 2023 with market cap of £851m but has endured torrid time as a listed company. Its share price plummeted more than 70% in the first three months of public trading.
However after reporting that it expects to deliver a stronger-than-expected performance for FY25, its share price has begun to rebound at the start of 2026.
The company, which specialises in helping businesses move money into and out of emerging markets, is now forecasting total income of around £119m for 2025.
That would be well ahead of market expectations, where consensus had been pointing to £110.1m.
The group said its performance has been driven by increased transaction volumes, a growing client base and new product capabilities, alongside progress deepening relationships with central banks and regulators in key markets.
It also expanded its international presence during the year, opening a New York office in December and securing a licence in principle to operate in Abu Dhabi in October.
CAB added this afternoon: “The independent board believes that the proposals fail to reflect strong total income performance as announced in the FY25 pre-close statement released on 15 January 2026; execution of a strategy built upon deepening the group’s presence in key markets and strengthening central bank and regulatory relationships; an approach that underpins the resilience and sustainability of the business; the expansion of the group’s geographic footprint, including two new office openings in New York (December 2025) and Abu Dhabi (January 2026), strengthening its presence in fast-growth and dynamic markets and bringing the company closer to the regions in which it operates ; and the strengthening of the company’s operating platform and regulatory infrastructure through the establishment of a new global clearing partnership with a leading global bank, enhancing liquidity, resilience and client access to USD and EUR clearing.”
Helios said it has more than 50% support from shareholdes for the revised bid.
“The increased possible offer has been structured to provide CAB Payments’ shareholders with a full cash exit and to enable those shareholders who wish to remain invested to participate in the future of the company through the unlisted share alternative,” it said this morning.
“The Helios Consortium believes after CAB Payments’ challenging period as a listed company, including a profit downgrade, executive leadership change and a withdrawn possible offer from StoneX Group Inc., the long-term success of the business will be better supported under the Helios Consortium’s private ownership.”
CAB Payments has a market cap of around £190m and saw its share price rise rapidly this morning before falling back on news of the board’s rejection. It remains 3.32% up in today’s trading.
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