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JPMorgan puts United Kingdom corporate broking in right place

06 July 2017, 12:28 | Maryann Sutton

Worldpay shares jump following confirmation of JPMorgan and Vantiv bids

FTSE 100 falls but Worldpay (LON:WPG) jumps

Vantiv Inc., a major US credit-card processor, has made an offer valuing United Kingdom payments group Worldpay Group Inc.at $10 billon, beating out rival bidder J.P. Morgan Chase & Co.

Although Worldpay has shared the information of an approach by Vantiv and JPMorgan, the company said that "there can be no certainty either that an offer will be made nor as to the terms of any offer, if made".

Worldpay shares, which soared on Tuesday on the news it was a takeover target, declined about 2 percent after the agreement was announced.

Dependent on completion, Worldpay shares would be delisted from the London Stock Exchange.

Vantiv will pay roughly 385 pence for Worldpay - 55 pence in cash plus 0.0672 Vantiv shares per Worldpay share plus a cash dividend of 5 pence per Worldpay share.

The FTSE 100 edged six points higher to 7,363, led by Tesco (TSCO) which rose over 4% or 7p to almost 174p, after a boost by Booker (BOK), the wholesaler the supermarket is buying for £3.5 billion, which reported a 4.2% first quarter rise in like for like sales.

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"The Boards of Worldpay and Vantiv see compelling strategic, commercial and financial rationale for combining Worldpay and Vantiv's complementary businesses", Worldpay noted in a statement issued to the market.

The combined group would be led by Vantiv's chief operating officer, Charles Drucker, as executive chairman and co-chief executive.

JPMorgan's offer was a cash takeover deal which would value the firm above its share price before yesterday's surge.

Worldpay processes 31 million mobile, online and in-store transactions every day. The company says that its business will cover the US, Europe, Asia-Pacific and South America, "including numerous world's largest e-commerce merchants, and a substantial base of merchants of all sizes in Europe and the US".

In 2015 its shares started trading on the FTSE 100 bluechip index. On Wednesday, it was worth 7.2 billion pounds.

Analysts had suggested that any deal could go as high as 450p per share, but the price retreated sharply to 365p as the agreed terms were published. On Tuesday, July 12 the stock rating was maintained by JP Morgan with "Neutral". The lender, which had considered making a bid for Worldpay, walked away Wednesday after Vantiv's offer became public. But the potential benefit of buying the online-payments firm easily outweighs the dubious value of giving free advice in the hope of winning lucrative business later.

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