VeriFone makes offer for Hypercom
30 September, 2010
category: Contactless, Financial
VeriFone has offered to buy the remaining shares of rival point-of-sales manufacturer Hypercom for $5.25 a share, a premium of 52% over the closing price of shares on Sept. 23 and 69% over the average share price for the 30-trading days previous.
The all cash transaction was sent to Hypercom on Sept. 29. Hypercom previously rejected a stock-for-stock transaction.
VeriFone engaged J.P. Morgan Securities LLC as financial advisers, and Sullivan and Cromwell LLP as counsel in connection with the proposed transaction.