CAB Payments said it was 'disappointed' Helios chose to block Stone X's sweetened last-ditch offer of 110p per share, valued at £241 million, which represented a 29% premium to Helios's largest offer. Helios confirmed its plans to vote down Stone X's bid on Friday, while CAB had previously rejected a string of offers from Helios, including its latest proposal of 85p per share or £216 million earlier this month. CAB previously said offers from Helios 'fundamentally undervalue' the business.
CAB Payments listed in 2023 at a valuation of £851.4 million but issued its first profit warning three months after listing, causing its share price to plummet 74% in a single day. Its shares have more than doubled since the profit warning but are still more than 70% below its IPO valuation.
London listing rules prevent Stone X from tabling another bid unless it receives a bid from a new suitor. CAB said it is 'currently evaluating' the Stone X proposal, which StoneX previously explored in 2024 but walked away from in November without making a formal offer. It remains unclear what specific reasons Helios has for rejecting Stone X's offer beyond blocking it, whether Helios plans to make another improved offer, or how minority shareholders are reacting to the blocked bid.