Visa has increased its offer for the UK-based cross-border payments company Earthport to around GBP 247 million.
According to Reuters, a unit of Visa offered 37% in cash for each Earthport share, a 23% premium to its initial bid and 12% higher than Mastercard’s offer.
Earthport, which had backed the Mastercard bid, said it is recommending that shareholders accept the Visa offer. Mastercard announced that it is considering its options and asked Earthport shareholders to take no action in response to Visa’s announcement.
Both companies are interested in acquiring Earthport to expand their cross-border network service.
Earthport allows banks and money transfer companies to have a single relationship instead of multiple ties with various payments channels around the world.