CAB Payments tumbles as StoneX abandons pursuit

7th Nov 2024 08:30

(Sharecast News) - CAB Payments tumbled on Thursday after US payments company StoneX said it was not planning to make a takeover offer for the London-listed fintech firm.

CAB Payments announced last month that it had received an unsolicited non-binding proposal from StoneX at 145p per share.

But StoneX said on Thursday that it does not intend to make an offer for CAB Payments.

CAB Payments said in a brief statement that it was "highly confident" in its strategy and "is pleased with the strategic progress being made".

The company is due to provide an update on its 2024 full-year trading in January 2025.

At 0830 GMT, the shares were down 19% at 86p.