Visa Increase Offer For Earthport

Visa cards

Visa cards

Visa International has trumped Mastercard's £233 million offer for a small British financial technology group with a £247 million counter-bid, in a battle likened to two walruses squabbling over a shrimp.

A bidding war is now well and truly under way with Mastercard, which usurped Visa's original £200 million December offer with its own £233 million bid for the group in January.

Visa has put forward a 37p per share offer - 23pc more than its previous bid - after its initial move for the group was gatecrashed by Mastercard last month.

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The global payment network has advised shareholders to accept this latest offer, despite previously recommending that the Mastercard deal was accepted.

Visa said it has the backing of around 17% of Earthport shareholders for its offer. It is driven by technological changes in the way that the consumers pay for products.

Earthport, whose shares fell 28 percent past year until the first bid, offers a lower-cost option to traditional payments systems by allowing banks and money transfer firms to have a single relationship instead of multiple ties with various payments channels around the world. It offers a lower-cost option to traditional payments systems by allowing money transfer firms and banks to have a single relationship instead of multiple links with various payments channels across the globe.

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