Argentex Declines Lavide's Proposal for 50% Stake Acquisition
(Reuters) -Argentex said on Monday it had rejected an equity investment proposal from the Netherlands-based Lavide Holding NV to obtain a 50% stake in the British currency risk manager for 2.5 million pounds ($3.39 million) and a potential provision of a 15 million pound credit line.
The British company rejected the proposal, stating it neither covers the full share capital nor provides sufficient funding compared to an agreed deal with IFX Payments.
Lavide currently has a market capitalisation of 3 million euros ($3.42 million), as per LSEG data.
Argentex, one of the first known casualties of an extended bout of turbulence in global financial markets brought on by trade tensions, experienced a near total collapse in value after it suspended trading in April.
Shares of the company were up 22.4% at 3 pence by 1134 GMT.
Argentex accepted a takeover offer by cross-border payments provider IFX Payments in late April, valuing it at about 3 billion pounds and also provides it with a secured bridge funding of about 6.5 million pounds.
($1 = 0.7376 pounds)
($1 = 0.8763 euros)
(Reporting by Yamini Kalia and Yadarisa Shabong in Bengaluru; Editing by Maju Samuel)
