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World of Software > News > Alpha takeover still on the cards as Corpay extends deadline – UKTN
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Alpha takeover still on the cards as Corpay extends deadline – UKTN

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Last updated: 2025/07/07 at 5:12 AM
News Room Published 7 July 2025
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The takeover and delisting of FTSE 250 fintech Alpha Group by US company Corpay is still on the cards despite the London-based firm rejecting previous approaches.

Corpay, listed on the New York Stock Exchange, confirmed in May that it had approached Alpha, a foreign exchange specialist, with a possible cash offer for its entire issued share capital.

Alpha’s board “unanimously rejected” the offer, but left the door open for future negotiations.

Corpay said at the time that “there is no certainty that an offer will be made”, however, as revealed in a regulatory update on Monday, the Atlanta-based financial services provider has yet to walk away from the deal.

The previously agreed deadline for Corpay to confirm if it would be making another offer – referred to as a Put up or Shut up (PUSU) deadline – of 7 July has been extended to 24 July, giving the Corpay board more time to put together a more attractive proposal for Alpha, which currently has a market cap of £1.4bn.

Should an offer be made and agreed, Alpha Group would join the growing list of prominent firms ditching the UK public markets in favour of a foreign acquisition.

Last week, precision instrumentation developer Spectris agreed to a takeover deal from US private equity group KKR.

London Stock Exchange tech staples including Deliveroo and Darktrace have similarly agreed to takeover deals from American companies, DoorDash and Thoma Bravo respectively.

In June, payments group Wise announced it was switching its primary public listing to New York, though it will retain a presence in the UK markets.

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