Western Union approach OzForex for takeover bid
(19 November 2015 – Australia) Australian based, online foreign exchange provider OzForex has confirmed that it has received takeover approach from rival foreign exchange services provider Western Union.
“The indicative proposal contemplates an all cash consideration of between $3.50 to $3.70 per OzForex share,” said OzForex in a statement to the ASX.
However the takeover proposal is dependent on various conditions, including access to due diligence, retention of management and relevant regulatory approvals.
The company stated there is no certainty that the proposal will result in a binding offer for the company, what the terms of any such offer would be, or whether there will be a recommendation by the board.
OzForex CEO, Richard Kimber recently told Business Insider of his plans to expand beyond Australia, and changing the company’s name to OFX for broader appeal.
“In the US they don’t really know what forex is. I think forex is a form of Australian colloquialism. OZ and Forex together makes sense in Australia but makes less sense the further away from Australia you get. They don’t know what we’re talking about,” Kimber told Business Insider.
“So instead of being OzForex, USforex, it will be one global brand which will be OFX,” he said.
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