OzForex receives bid

The international payments specialist has received an unsolicited takeover offer from money transfer giant Western Union.

OzForex has received an unsolicited, non-binding (etc etc) takeover offer from US-based money transfer giant Western Union. The price offered is apparently between $3.50 and $3.70 in cash, but is subject to and conditional upon Western Union being able to conduct due diligence, retain management and get any necessary regulatory approvals. These are not minor hurdles, because you can see why OzForex would be reticent about opening up its books to a competitor. No doubt this explains the discount of 7% against the mid-point of the indicative range at this point.

The OzForex board is weighing it up and will get back to shareholders with a decision.

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