OzForex says Western Union bid off

Company News


Oz Forex Group Limited (ASX:OFX) says its proposed deal with Western Union has come to naught. 
 
Western Union was undergoing due diligence on a bid which priced OzForex shares at between $3.50 to $3.70 a share. 
 
The process has been dragging out since November and OzForex maintains that since Western Union had not submitted a binding proposal that it decided to terminate discussions. 
 
The currency exchange trader also downgraded profit guidance saying the lack of advertising ahead of its rebranding as OFX and decreased volatility in the markets has resulted in lower trading activity. 
 
OFX reported a net profit of $11.22 million at 30 September 2015.