UK payments firm Worldpay (LON:WPG) has agreed to be taken over by US rival Vantiv, after US bank JP Morgan dropped out of the running.
Earlier this week it was announced that both suitors, JP Morgan and Vantiv, were interested in bidding for the company. However on Wednesday Worldpay announced it had accepted an offer from payments giant Vantiv, in a deal expected to be worth around £7.7 billion.
The Vantiv deal values Worldpay at £3.85 per share, a 19 percent premium on their value on Monday.
In a brief statement, JP Morgan withdrew from the running:
“JP Morgan Chase & Co. (“J.P. Morgan”) notes the announcement by Worldpay Group plc (“Worldpay”) on 4 July 2017. In response to an invitation from Worldpay, J.P. Morgan was at a very early stage in considering whether or not to make an offer or the terms of any offer for Worldpay.
“Following preliminary considerations, J.P. Morgan hereby announces that it does not intend to make an offer for Worldpay. J.P. Morgan continues to hold Worldpay in high regard.”
Worldpay shares are currently trading down 7.92 percent on the news at 375.60 (1351GMT).