Australia's EML Payments says takeover talks with Bain Capital cease

EML Payments

13/04/2022 02:24

April 13 (Reuters) - Australia's EML Payments  EML.AX  said
on Wednesday it was in talks with U.S. private equity firm Bain
Capital for a potential buyout, confirming reports about
takeover discussions, but the company said the talks had ceased
without an agreed deal.
    The acquisition interest sent EML shares soaring as much as
14.3%, setting them up for the best session in more than four
months.
    Local media had reported https://www.afr.com/street-talk/bain-capital-checks-out-eml-payments-bankers-chase-other-buyers-20220412-p5acvc
 late on Tuesday about EML's discussions with Bain Capital,
which had reached an exclusivity period when the PE firm was
given access to EML's books. 
    "The board of EML will always consider proposals presented
to the company", the company said.
    RBC Capital Markets analysts said EML makes for an
attractive buyout target, owing to its large global market
opportunity, strong market position, and margin expansion
opportunity.
    EML's market capitalisation stands at A$988.1 million
($735.64 million), according to Refinitiv Eikon data. 

($1 = 1.3432 Australian dollars)

 (Reporting by Harshita Swaminathan; editing by Uttaresh.V)
 ((Harshita.Swaminathan@thomsonreuters.com;))