CAB Payments Holdings has turned down a higher take-private proposal from a Helios Consortium. The UK-based cross-border payments and foreign exchange company said the all-cash bid does not reflect its value.
The revised offer was $1.15 per share. It follows a prior proposal of $1.05 per share that CAB Payments rejected last month.
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The latest approach valued the company at about $292m.
In a statement, CAB Payments said: “The Independent Board of CAB Payments, together with its advisers, carefully evaluated each of the proposals received from the Joint Bidders.
“Together, it unanimously concluded that the proposals are highly opportunistic and fundamentally undervalue CAB Payments and its future prospects. Accordingly, the proposals have been rejected.”
The Independent Board also concluded that the proposals do not reflect the group’s total income performance referenced in its FY25 pre-close statement dated 15 January 2026.
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By GlobalDataIt also said the offer does not account for progress on the group’s strategy. This includes plans to deepen its presence in key markets and strengthen central bank and regulatory relationships.
The company also pointed to recent expansion steps. It cited the opening of offices in New York in December 2025 and Abu Dhabi in January 2026.
CAB Payments also formed a new global clearing partnership with a “leading global bank” to strengthen liquidity and resilience and support client access to USD and EUR clearing.
“The Independent Board remains confident in the company’s strategy and its ability to deliver long-term value for shareholders,” the statement added.
CAB Payments shares rose as much as 12.5% after the rejection, Reuters reported. The stock fell by nearly 10% in 2025, according to the same report.
The company has faced several challenges since its London listing in 2023, including profit warnings and job cuts. It has also cited headwinds from a strong dollar and higher payroll taxes.
The payment group’s weak valuation had drawn interest from other potential buyers including US rival StoneX Group. However, it ended discussions in November 2024 without making an offer.
CAB Payments is scheduled to publish its full-year 2025 results on 5 March 2026. The company said it will update the market on how its strategy is progressing at that time.
