BROOKFIELD (dpa-AFX) - Payfare Inc. (PAY.TO), Wednesday stated that its Board of Directors has unanimously recommended shareholders to vote in favor of Fiserv, Inc.'s (FI) all-cash offer of C$4 per share, for a total consideration of approximately C$201.5 million.
The recommendation comes as the Board has thoroughly explored and evaluated several acquisition, commercial partnership, and sale opportunities as part of a robust strategic review process announced in September 2024.
Additionally, the Board reviewed Fiserv's proposal while considering Payfare's current financial condition, future prospects, strategic options, competitive position, and market risks.
The Board's effective oversight led to approximately 14 percent increase from Fiserv's indicative value of C$3.50 per share to its final C$4.00 per share offer, which exceeded all other proposals.
In the pre-market hours, Fiserv's stock is trading at $229.40, down 0.21 percent on the New York Stock Exchange.
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