OzForex receives preliminary takeover approach

Company News

OzForex Group Limited (ASX:OFX) has confirmed that it has received a preliminary, non-binding indicative conditional proposal to acquire 100 per cent of the shares in OzForex via a scheme of arrangement from The Western Union Company.
 
The indicative proposal contemplates an all cash consideration of between $3.50 to $3.70 per OzForex share.
 
The indicative proposal is subject to a number of conditions, including access to due diligence, retention of management and relevant regulatory approvals. 
 
OzForex says the board intends to evaluate the proposal and will keep shareholders updated. 
 
The company reported a net profit of $11.2 million at 30 September 2015.