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4-Traders Homepage  >  Equities  >  Nasdaq  >  Fiserv    FISV

FISERV (FISV)
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Fintech firm Fiserv raises offer for Monitise to $98 million

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08/07/2017 | 09:26am CEST

(Reuters) - U.S. financial technology provider Fiserv (>> Fiserv) made an improved offer for Monitise (>> Monitise Plc) worth about 75 million pounds ($98 million) on Monday, hoping to secure backing from the British financial services technology group's investors.

(Reuters) - U.S. financial technology provider Fiserv (>> Fiserv) made an improved offer for Monitise (>> Monitise Plc) worth about 75 million pounds ($98 million) on Monday, hoping to secure backing from the British financial services technology group's investors.

Fiserv's earlier offer, which valued the group at about 70 million pounds, drew criticism from Monitise's investors led by Cavendish Asset Management, for being too low, given that the British group was worth over 1 billion pounds three year ago.

Fiserv's final offer of 3.1 pence in cash per share represents a premium of 34.8 percent over Monitise's closing price on June 12, the last before the initial offer was made.

Monitise said its directors unanimously recommended the increased and final offer, which is higher than the original 2.9 pence per share bid.

Fiserv urged shareholders to accept the offer, pointing to the fact that Monitise's board had stated that they would need to consider raising further capital and divestment of the business, were the deal to fall through.

The values of payments firms have surged and mergers and acquisitions have proliferated in the sector as shoppers switch from cash to paying for purchases by smartphones or other mobile devices.

AIM-listed Monitise blazed a trail by linking banks and mobile operators to build a business capable of handling billions of dollars in mobile payments, purchases and money transfers.

But it has faced increased competition from free mobile payment systems offered by the likes of Alphabet Inc (>> Alphabet) and Apple Inc (>> Apple).

Banco Santander, Monitise's top shareholder with a 4.67 percent stake, had submitted a letter of intent to back the deal, as had Visa Inc (>> Visa), a large customer and investor with a 2.41 percent stake. This alongside Monitise directors' shares, meant that Fiserv had letters of intent or irrevocable undertakings for 229.6 million shares, representing 9.9 percent of Monitise's existing issued share capital.

Cavendish did not immediately respond to a request for comment.

(Reporting by Esha Vaish in Bengaluru; editing by Jason Neely and Susan Thomas)

Stocks treated in this article : Apple, Fiserv, Visa, Monitise Plc, Alphabet
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET -0.01% 1212.91 Delayed Quote.15.14%
APPLE -0.55% 190.4 Delayed Quote.12.51%
FISERV 0.12% 77.24 Delayed Quote.17.81%
MONITISE PLC 0.00%-End-of-day quote.7.11%
VISA 0.90% 140.9 Delayed Quote.23.57%
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Financials ($)
Sales 2018 5 851 M
EBIT 2018 1 788 M
Net income 2018 1 173 M
Debt 2018 3 591 M
Yield 2018 -
P/E ratio 2018 26,83
P/E ratio 2019 24,89
EV / Sales 2018 6,01x
EV / Sales 2019 5,67x
Capitalization 31 588 M
Chart FISERV
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Fiserv Technical Analysis Chart | FISV | US3377381088 | 4-Traders
Technical analysis trends FISERV
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 75,1 $
Spread / Average Target -2,8%
EPS Revisions
Managers
NameTitle
Jeffery W. Yabuki President, Chief Executive Officer & Director
Glenn M. Renwick Chairman
Robert W. Hau Chief Financial Officer & Treasurer
Jim Grech Chief Information Officer
Kim M. Robak Independent Director
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1st jan.Capitalization (M$)
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GLOBAL PAYMENTS18.02%18 817
CIELO-22.90%12 540