OzForex warns on profit as WU walks away

OzForex has hit shareholders with a profit warning alongside news that Western Union has decided not to make a bid. The two things are likely connected.

OzForex shares have tumbled almost 40% this morning after the company tagged a profit warning onto its announcement that Western Union had failed to come up with an offer after completing due diligence on Friday. It’s unclear why WU decided not to make an offer, but it’s easy to imagine that the two things are connected.

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