e-Pay Asia receives new $12m buyout bid

The bidding war for electronic payment company e-Pay Asia (ASX:EPY) looks over, after Euronet Worldwide upped its offer to $12m

e-Pay Asia (ASX:EPY) has received a fourth — and likely final — buyout offer, this time worth $12 million.

The electronic payment company, which specialises in providing mobile top-up services in Southeast Asia, said it had received the improved offer from Euronet Worldwide.

e-Pay Asia had originally provisionally accepted an $8.5 million bid from Tobikiri Capital, but Euronet then raised the ante with a $10 million offer.

Tobikiri in July agreed to match this offer, and the companies were working towards a revised sale agreement until Euronet increased its bid again to $12 million.

On Monday, e-Pay Asia disclosed that it had been told that Tobikiri has no intention of matching the new price, and will help terminate the sale agreement.

While the end to the bidding war brings a buyout closer to fruition, Euronet's offer is still conditional on due diligence and shareholder approval.

EPY shares emerged from a three-day trading halt on Monday to climb 15.15 per cent to $0.190.

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