Another change of direction as Cashcard hails cab
(13th January 2004 – Australia) Taxi-payment company Cabcharge has revealed it is negotiating a possible purchase of ATM group Cashcard, despite Cashcard’s announcement in late December that it had signed an agreement with First Data Corporation.
Cabcharge executive chairman Reg Kermode said while the company was not in a position to "speculate" on whether it would make an offer, he acknowledged that talks had started with Cashcard.
Cashcard, whose owners include St George, Suncorp-Metway and Bank of Queensland, had intended a A$300 million IPO by the end of 2003 but decided instead to sell the business which has been valued at about $200 million.
The Queensland-based company had a frenetic 2003, purchasing EBS, Movieline, Direct Cash and Adelaide Bank’s ATM networks before posting a post-tax profit of $4.4 million for the year.
On 23rd December last year, the company issued a statement, saying it had "signed an agreement with First Data Corporation for the purchase of Cashcard Australia". No financial terms were revealed.
Cashcard, whose owners include St George, Suncorp-Metway and Bank of Queensland, had intended a A$300 million IPO by the end of 2003 but decided instead to sell the business which has been valued at about $200 million.
The Queensland-based company had a frenetic 2003, purchasing EBS, Movieline, Direct Cash and Adelaide Bank’s ATM networks before posting a post-tax profit of $4.4 million for the year.
On 23rd December last year, the company issued a statement, saying it had "signed an agreement with First Data Corporation for the purchase of Cashcard Australia". No financial terms were revealed.
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