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VANTIV INC
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Vantiv granted extension to make firm bid for Worldpay

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08/01/2017 | 09:26am CEST
Traders work at the post where U.S. credit card technology firm Vantiv Inc is traded on the floor of the NYSE in New York

LONDON (Reuters) - British payments firms Worldpay (>> Worldpay Group) said on Tuesday that its U.S. suitor Vantiv (>> Vantiv Inc) has been granted a week-long extension to Aug. 8 to make a firm takeover bid or walk away for six months.

LONDON (Reuters) - British payments firms Worldpay (>> Worldpay Group) said on Tuesday that its U.S. suitor Vantiv (>> Vantiv Inc) has been granted a week-long extension to Aug. 8 to make a firm takeover bid or walk away for six months.

Vantiv agreed to buy Worldpay, a former unit of Royal Bank of Scotland (>> Royal Bank of Scotland Group), for 7.7 billion pounds on July 5 and had until Aug. 1 to submit a formal bid, but the two companies are still negotiating the final terms of the deal including the location of the combined group, sources said.

Worldpay said that "positive discussions" are continuing but there can be no certainty that a firm offer will be submitted.

It added that the deadline could be pushed back further still if the UK Takeover Panel approved.

Sources familiar with the matter said that the headquarters of the combined entity is one of the main sticking points as Worldpay wants London to be the centre and has asked for binding commitments to protect British jobs.

Worldpay, which is advised by Goldman Sachs, wants to make the deal palatable to the British government, which has recently taken a more protectionist stance on takeovers by foreign acquirers, the sources said.

Earlier this year the London Stock Exchange (>> London Stock Exchange) scrapped a deal with Deutsche Boerse (>> Deutsche Boerse) to create Europe's biggest exchange amid growing calls from German politicians that the headquarters be shifted from London to Frankfurt because of Brexit - a concession the LSE did not want to make.

Vantiv's move to buy Worldpay comes at a time when more purchases are being made online, and the payments industry - long considered a backwater of banking - is facing fresh competition from a series of newcomers that are trying to disrupt the way merchants get paid.

Both companies were spun out of their banks after the financial crisis and thrived on their own continents

Under the terms of the deal announced on July 5, Vantiv, which is advised by Morgan Stanley, will pay 55 pence in cash, 0.0672 of a new Vantiv share and a 5 pence cash dividend per Worldpay share, totaling 385 pence per share.

($1 = 0.7572 pounds)

(Reporting By Pamela Barbaglia; Editing by Rachel Armstrong and Louise Heavens)

By Pamela Barbaglia

Stocks mentioned in the article
ChangeLast1st jan.
DEUTSCHE BOERSE 0.42% 118.95 Delayed Quote.22.88%
LONDON STOCK EXCHANGE -0.89% 4480 Delayed Quote.18.11%
ROYAL BANK OF SCOTLAND GROUP -0.81% 243.7 Delayed Quote.-12.34%
WORLDPAY GROUP 0.00%-End-of-day quote.2.21%
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Financials ($)
Sales 2018 3 884 M
EBIT 2018 1 686 M
Net income 2018 194 M
Debt 2018 6 360 M
Yield 2018 -
P/E ratio 2018 106,02
P/E ratio 2019 31,97
EV / Sales 2018 8,60x
EV / Sales 2019 7,61x
Capitalization 27 039 M
Chart VANTIV INC
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Vantiv Inc Technical Analysis Chart | US92210H1059 | 4-Traders
Income Statement Evolution
Consensus
 
Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 93,1 $
Spread / Average Target 7,6%
EPS Revisions
Managers
NameTitle
Charles D. Drucker Executive Chairman & Co-Chief Executive Officer
Philip Eric Rene Jansen Co-Chief Executive Officer & Director
Mark L. Heimbouch Chief Operating Officer & Director
Stephanie Ferris Chief Financial Officer
Michael D. Vaughan Rake Lead Independent Director
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