StoneX Challenges Helios with 95p Cash Bid for CAB Payments

The battle for CAB Payments has intensified as StoneX Group Inc (NASDAQ: SNEX) officially entered the fray, announcing an all-cash proposal to acquire the specialist cross-border payments provider.

StoneX, the financial services powerhouse behind retail giants FOREX.com and City Index, has submitted a bid of 95 pence per share. This move directly challenges the existing agreement between CAB Payments and the Helios Consortium.

A Superior Premium

The StoneX proposal significantly raises the stakes for CAB Payments shareholders, offering a clear valuation advantage over previous benchmarks:

• 32% Premium to the undisturbed closing price of 72p (January 30, 2026).
• 11% Premium to the 85p per share firm offer previously announced by the Helios Consortium on March 2, 2026.

In its announcement, StoneX highlighted that the proposal provides a “compelling opportunity” for shareholders to monetize their holdings at a significant premium to both recent trading levels and the competing Helios bid.

Strategic Rationale: An Emerging Markets Powerhouse

StoneX is positioning itself as the “best long-term owner” for the UK-based fintech. The group sees a “high degree of complementarity” between CAB Payments‘ infrastructure and StoneX’s existing payments division.

By combining forces, StoneX aims to create a leading global specialist in Emerging Markets payments. The group believes the merger would unlock incremental opportunities for stakeholders that a standalone or Helios-owned entity might not achieve.

The Path Forward: Key Conditions

While the proposal is firm, the formal announcement of an offer under Rule 2.7 of the Takeover Code remains subject to several critical pre-conditions:

1. Due Diligence: Satisfactory completion of StoneXs customary review.
2. Board Recommendation: The unanimous and unconditional backing of the CAB Payments Board.
3. Irrevocable Undertakings: StoneX is seeking “hard” commitments from CAB Payments directors, the Helios Consortium, and Eurocomm Holding Limited to support the transaction.

StoneX has reserved the right to waive these pre-conditions at its discretion as it seeks to engage “constructively” with the CAB Payments Board and the Helios Consortium.

Market Impact

This bid marks a significant expansion of StoneXs footprint in the institutional payment space. For CAB Payments, which has faced a volatile journey since its London IPO, the bidding war between a strategic player like StoneX and a private equity consortium like Helios underscores the latent value in its specialized payment corridors.