(Reuters) -British currency risk management company Argentex Group said on Thursday it was in advanced discussions with IFX Payments to get acquired, as the company battles a liquidity crunch due to
Argentex Engages in Advanced Takeover Discussions with IFX
(Reuters) -British currency risk management company Argentex Group said on Thursday it was in advanced discussions with IFX Payments to get acquired, as the company battles a liquidity crunch due to ongoing turbulence in financial markets.
The 2.49 pence-per-share offer from IFX Payments values the company at about 3 million pounds ($3.99 million).
Argentex also said it had secured bridge funding for about 6.5 million pounds from IFX, and that it was in discussions for short-term liquidity support as well.
Exposed to significant market volatility, the London-listed company had suspended trading of its shares on Tuesday, as sharp falls in the U.S. dollar worsened its liquidity position.
Trading in its shares remains suspended, the company said, as it was looking to secure more liquidity support within the next week.
Although the discussions with IFX were advanced, the company said there was no certainty that a firm offer would be made by the company.
($1 = 0.7524 pounds)
(Reporting by Unnamalai L in Bengaluru; Editing by Pooja Desai and Devika Syamnath)
