Paysafe recommends private equity 590p cash offer

Paysafe has recommended shareholders accept private equity groups Blackstone and CVC's £2.96bn cash offer, which would see investors in the online and mobile payments specialist receive 590p per share.

The FTSE 250 group's directors said that including their own stakes and irrevocable pledges from institutional funds, they had calculated 12.2% shareholder support for the deal so far.

Paysafe had announced the consortium's offer to acquire all of its equity on 21 July and at the same time announced an agreement to buy Delta Card Services, the owner of US payment services provider Merchants Choice Payment Solutions for $470m.

The deal is expected to complete in the fourth quarter of 2017, subject to a shareholder vote at a date to be announced.

Chairman Dennis Jones said: "Paysafe has been on a remarkable journey, undergoing significant transformation and generating substantial shareholder value.

"The offer from the consortium represents an opportunity for shareholders to crystallise a certain cash value from their investment in Paysafe. The Paysafe independent directors believe that Paysafe will continue to play a key role in payments innovation, leveraging the state of the art technology it has built over a number of years."