StoneX proposes all-cash acquisition of CAB Payments

StoneX Group Inc (NASDAQ: SNEX), the financial services company behind retail FX brands FOREX.com and City Index, has approached the board of CAB Payments with a proposal to acquire the company’s entire issued and to-be-issued share capital.

The offer submitted by StoneX values CAB Payments at 95 pence per share in cash. According to the company, the proposed price represents a 32% premium to CAB Payments’ undisturbed closing share price of 72 pence on January 30, 2026—the last trading day before the Helios Consortium revealed a potential offer. It also stands at an 11% premium to the Helios Consortium’s confirmed offer of 85 pence per share, which was announced on March 2, 2026.

StoneX said the proposal would allow CAB Payments shareholders to realise their investment in cash at an attractive valuation, offering a notable premium compared with both the company’s recent market price and the competing bid from the Helios Consortium.

The company also highlighted strategic synergies between CAB Payments and its own payments division. StoneX believes that combining the two businesses could create a leading global specialist in emerging markets payments. As such, the firm considers itself well positioned to act as a long-term owner of CAB Payments and expects the potential integration to unlock additional opportunities for key stakeholders.

StoneX stated that it is prepared to work constructively with the CAB Payments board and the Helios Consortium in order to finalise the terms of a recommended transaction that could be presented to CAB Payments shareholders.

However, any formal offer announcement under Rule 2.7 of the UK Takeover Code remains subject to several conditions. These include the satisfactory completion of customary due diligence by StoneX, unanimous and unconditional support for the proposal from the CAB Payments board, and legally binding commitments from each CAB Payments director, the Helios Consortium and Eurocomm Holding Limited to back the transaction.

StoneX added that it reserves the right, at its sole discretion, to waive some or all of these preconditions if necessary.