Card processing firm’s proposed merger with US rival Vantiv is not the knock-out offer this healthy business deserves
Sir Mike Rake, the chairman of Worldpay, should go back to the drawing board. His first attempt to sell the FTSE 100 card processing company deserves to be declined by his own shareholders.
On Tuesday, when Worldpay revealed it had received takeover approaches, City analysts speculated the bidding could go as high as 500p a share. This, after all, is supposed to be a rock solid business with a commanding 40% share of the UK market and positions in 140 other countries. But Rake and his board have agreed terms with Vantiv, the US market leader, at just 385p a share, or £7.67bn. Given that Worldpay’s shares traded at 320p on Monday, the takeover premium is miserable.
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