Banking Recap

StoneX Group Inc. Announces Acquisition

StoneX Group Inc. issued a Rule 8 announcement under the UK Takeover Code on October 21, 2024, directing its stockholders' attention to disclosure obligations arising from CAB Payments Holdings plc's October 10, 2024 announcement that it had received an unsolicited, non-binding proposal from StoneX relating to a possible offer for CAB Payments' entire issued and to be issued share capital. The announcement states there could be no certainty that a firm offer would be made, nor as to its potential terms.

Oct 21, 2024·SEC EDGAR (8-K)·pending regulatory·unsolicited proposal (withdrawn, not consummated)

This record is sourced from an Exhibit 99.1 Rule 8 Announcement furnished with StoneX's Form 8-K filed October 21, 2024. A subsequent Form 8-K filed November 8, 2024 (also reviewed) discloses that on November 7, 2024, StoneX announced it was no longer pursuing the transaction and did not intend to make an offer to acquire CAB Payments; the proposal was therefore withdrawn and never became a completed deal.

Perella Weinberg UK Limited acted as financial adviser to StoneX on the proposal, per the announcement's statement that "Perella Weinberg UK Limited ('PWP'), which is authorized and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for StoneX in connection with the matters set out in this announcement and for no one else." No financial adviser to CAB Payments is named in this particular filing, and no lead designation applies since PWP was StoneX's sole disclosed adviser in this document.

No legal advisors are disclosed in the fetched document for either party.

The announcement's substance is procedural, explaining UK Takeover Code Rule 8 disclosure obligations (Opening Position Disclosures and Dealing Disclosures) applicable to StoneX stockholders during the CAB Payments offer period, rather than describing commercial deal terms, since no binding offer had yet been made.

Not disclosed in the sourced document is any proposed offer price or valuation for CAB Payments, the identity of CAB Payments' financial or legal advisers, or the reason StoneX ultimately decided, per its November 7, 2024 announcement, not to pursue the transaction.