USA. Tax refund specialist and Premier Tax Free parent Fintrax Group has completed its tender offer for payment processing firm Planet Payment. Finalisation of the acquisition, which was first flagged in October, is expected by 20 December.
Fintrax’ US acquisition subsidiary will acquire all outstanding shares in Planet Payment at a price of US$4.50 per share of common stock, and US$13.725 per share of Series A Preferred Stock, without interest and less any applicable withholding taxes.
The initial expiry of the tender offer, of around 45,541,649 shares of common stock and 1,535,398 shares of Series A Preferred Stock, fell on 18 December. These represent 79.4% of Planet Payment’s currently outstanding shares of common stock on a fully diluted basis. All conditions of the tender offer were met, said both companies.
As a result of the merger, Planet Payment will become a wholly owned subsidiary of Fintrax. Planet Payment’s common stock will then cease to be traded on The NASDAQ Stock Market.
Fintrax, a Eurazeo Capital portfolio company, is based in Galway, Ireland. It is a leading player in multi-currency digital payment processing.