Financial group chaired by Virgin Money founder rejects US bid
Corpay confirmed last week that it was in discussions with Alpha Group International about a possible cash deal, although it cautioned that there was no certainty it would make a formal bid for the group. The US financial payments company is listed on the S&P 500 and has a stock market valuation of more than $23 billion.
In a statement on Tuesday, Alpha said: 'The board of Alpha notes the announcement by Corpay and confirms that it has received a preliminary and conditional all-cash proposal from Corpay to acquire the entire issued and to be issued ordinary share capital of Alpha.
'The board carefully considered the proposal, together with its financial advisers, and unanimously rejected it.'
TheLondon-listed company provides financial and consultancy services to hundreds of clients in more than 50 countries. The group helps clients manage and protect themselves from the risks associated with their exposures to foreign currencies, such as volatility in interest rates, and rapid prices changes for international currencies. Gadhia, who is best known for founding Virgin Money, joined the board of Alpha in March 2024, and was formally appointed non-executive chairwoman in November 2024.
Alpha and Corpay did not disclose the price discussed for the deal, but the takeover interest boosted the London company's shares, which closed up by 240p or 8.5 per cent to £30.50.
Revenues at Alpha were up by 23 per cent to £135.6 million for the year ended December 31, 2024, with profit before tax rising 6 per cent to £123.1 million. The group moved into the FTSE 250 index last year after listing on the junior segment of the London stock exchange in 2017.
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